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The following are comparative balance sheets and an Income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cost of goods sold: Beginning inventory Purchases Wentworth Company Income Statement For the Year Ended December 31, 20 Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 195,000 180,000 0 Cash dividends of $45,000 were paid in 2024. $ 396,500 $ 75,000 24,000 70,000 125,000 102,500. $ 396,500 $225,00 330,000 555,000 180,000 2023 $ 120,000 105,000 225,000 60,000 $ 510,000 $ 120,000 15,000 100,000 125,000 150,000 $ 510,000 560,000 375,000 185,000 180,000 5,000 (7,500) $(2,500) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign.

The following are comparative balance sheets and an Income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cost of goods sold: Beginning inventory Purchases Wentworth Company Income Statement For the Year Ended December 31, 20 Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 195,000 180,000 0 Cash dividends of $45,000 were paid in 2024. $ 396,500 $ 75,000 24,000 70,000 125,000 102,500. $ 396,500 $225,00 330,000 555,000 180,000 2023 $ 120,000 105,000 225,000 60,000 $ 510,000 $ 120,000 15,000 100,000 125,000 150,000 $ 510,000 560,000 375,000 185,000 180,000 5,000 (7,500) $(2,500) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign. Cash outflows WENTWORTH COMPANY Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities Cash inflows: For operating expenses Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities. Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31
Transcribed Image Text:Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign. Cash outflows WENTWORTH COMPANY Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities Cash inflows: For operating expenses Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities. Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31
Itranscript The following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cost of goods sold: Wentworth Company Balance Sheets as of December 31 Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 20 Operating expenses Income from operations other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 195,000 180,000 Cash dividends of $45,000 were paid in 2024. 6 $ 396,500 $ 75,000 24,000 70,000 125,000 102,500 $ 396,500 $ 225,600 330,000 555,000 180,000 2023 $ 120,000 105,000 225,000 60,000 $ 510,000 $ 120,000 15,000 100,000 125,000 150,000 $ 510,000 560,000 375,000 185,000 180,000 5,000 (7,588) $(2,500) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign.
Transcribed Image Text:Itranscript The following are comparative balance sheets and an income statement for Wentworth Company. Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Sales Cost of goods sold: Wentworth Company Balance Sheets as of December 31 Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Wentworth Company Income Statement For the Year Ended December 31, 20 Operating expenses Income from operations other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 195,000 180,000 Cash dividends of $45,000 were paid in 2024. 6 $ 396,500 $ 75,000 24,000 70,000 125,000 102,500 $ 396,500 $ 225,600 330,000 555,000 180,000 2023 $ 120,000 105,000 225,000 60,000 $ 510,000 $ 120,000 15,000 100,000 125,000 150,000 $ 510,000 560,000 375,000 185,000 180,000 5,000 (7,588) $(2,500) Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be Indicated with a minus sign.
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