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The current sections of Kingbird Inc.'s balance sheets at December 31, 202- 2025 was $107,100. Depreciation expense was $18,900. Current assets Cash Accounts receivable Inventory 2025 2024 $73,500 $69,300 56,000 62,300 117,600 120,400

The current sections of Kingbird Inc.'s balance sheets at December 31, 202- 2025 was $107,100. Depreciation expense was $18,900. Current assets Cash Accounts receivable Inventory 2025 2024 $73,500 $69,300 56,000 62,300 117,600 120,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2025 $73,500 56,000 117,600 18,900 $266,000 $ 10,500 59,500 $70,000 2024 $69,300 62,300 120,400 15,400 $267,400 $ 3,500 64,400 $67,900
Transcribed Image Text:The current sections of Kingbird Inc's balance sheets at December 31, 2024 and 2025, are presented here. Kingbird's net income for 2025 was $107,100. Depreciation expense was $18,900. Current assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Current liabilities Accrued expenses payable Accounts payable Total current liabilities 2025 $73,500 56,000 117,600 18,900 $266,000 $ 10,500 59,500 $70,000 2024 $69,300 62,300 120,400 15,400 $267,400 $ 3,500 64,400 $67,900
Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 Adjustments to reconcile net income to Adjustments to reconcile net income to 00000 $
Transcribed Image Text:Prepare the operating activities section of the company's statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows (Partial) - Indirect Method For the Year Ended December 31, 2025 Adjustments to reconcile net income to Adjustments to reconcile net income to 00000 $
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