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The following is a condensed version of the comparative balance sheets for Cheyenne Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Current liabilities Common stock Retained earnings 2025 2024 $283,200 $124,800 288,000 296,000 83,200 118,400 476,800 384,000 (169,600) (142,400) 214,400 241,600 256,000 256,000 283,200 (a) 491,200 Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000

The following is a condensed version of the comparative balance sheets for Cheyenne Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Current liabilities Common stock Retained earnings 2025 2024 $283,200 $124,800 288,000 296,000 83,200 118,400 476,800 384,000 (169,600) (142,400) 214,400 241,600 256,000 256,000 283,200 (a) 491,200 Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000

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 following is a condensed version of the comparative balance sheets for Cheyenne Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Current liabilities Common stock Retained earnings 2025 $283,200 288,000 83,200 118,400 476,800 384,000 (169,600) (142,400) 214,400 241,600 256,000 256,000 491,200 283,200 (a) 2024 $124,800 296,000 Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000
Transcribed Image Text:The following is a condensed version of the comparative balance sheets for Cheyenne Corporation for the last two years at December 31. Cash Accounts receivable Investments Equipment Accumulated depreciation-equipment Current liabilities Common stock Retained earnings 2025 $283,200 288,000 83,200 118,400 476,800 384,000 (169,600) (142,400) 214,400 241,600 256,000 256,000 491,200 283,200 (a) 2024 $124,800 296,000 Additional information: Investments were sold at a loss of $16,000; no equipment was sold; cash dividends paid were $48,000; and net income was $256,000
Prepare a statement of cash flows for 2025 for Cheyenne Corporation. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cheyenne Corporation Statement of Cash Flows Adjustments to reconcile net income to
Transcribed Image Text:Prepare a statement of cash flows for 2025 for Cheyenne Corporation. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Cheyenne Corporation Statement of Cash Flows Adjustments to reconcile net income to
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