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 Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases 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 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. 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 Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases 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 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. 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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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