Please do not give solution in image format thanku Aug. 23Dec. 31Dividends (cash)Net incomeCash Flows from Operating ActivitiesNet IncomeAdjustments to reconcile net income toNet Cash Provided by Operating Activities ::Depreciation ExpenseFrom the postings in the accounts, indicate how the information is reported by preparing a partial statement of cash flows using theindirect method. The loss on disposal of plant assets was $14,000. (Show amounts that decrease cash flow with either a-sign eg-15,000 or in parenthesis e.g. (15,000).)PRONGHORN CORP.Statement of Cash Flows (Partial) - Indirect MethodFor the Year Ended December 31, 2025 :Cash Flows from Investing ActivitiesSale of Equipment24,500Purchase of Equipment126,000:100,700159,250285,250Lol|| The following three accounts appear in the general ledger of Pronghorn Corp. during 2025.DateJan. 1July 31Sept. 2Nov. 10DateJan. 1Nov. 10Dec. 31DateJan. 1Aug. 23BalancePurchase of equipmentPurchase of equipmentCost of equipment soldBalanceBalanceEquipmentAccumulated depreciation on equipment soldDepreciation for yearDividends (cash)DebitAccumulated Depreciation-EquipmentRetained Earnings122,50092,750Debit28,000Debit24,500Credit85,750Credit49,000CreditBalance280,000402,500495,250409,500Balance124,25096,250145,250Balance183,750159,250

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Description: Please do not give solution in image format thanku Aug. 23Dec. 31Dividends (cash)Net incomeCash Flows from Operating ActivitiesNet IncomeAdjustments to reconcile net income toNet Cash Provided by Operating Activities ::Depreciation ExpenseFrom the po

Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…

Business

Accounting

The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250

The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan. 1 July 31 Sept. 2 Nov. 10 Date Jan. 1 Nov. 10 Dec. 31 Date Jan. 1 Aug. 23 Balance Purchase of equipment Purchase of equipment Cost of equipment sold Balance Balance Equipment Accumulated depreciation on equipment sold Depreciation for year Dividends (cash) Debit Accumulated Depreciation-Equipment Retained Earnings 122,500 92,750 Debit 28,000 Debit 24,500 Credit 85,750 Credit 49,000 Credit Balance 280,000 402,500 495,250 409,500 Balance 124,250 96,250 145,250 Balance 183,750 159,250

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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