The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. Net sales Gain on sale of land Total revenues Expenses: VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2824 Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable VIRTUAL GAMING SYSTEMS Balance Sheets December 31 $1,650,000 615,000 33,000 34,000 80,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $2,600,000 7,000 2,607,000 2,412,000 $195,000 4. Declared and paid a cash dividend of $120,000. 5. Issued common stock for $60,000. 2024 $409,500 64,000 160,000 4,600 205,000 215,000 250,000 (143,000) $1,165,100 $ 35,000 5,100 25, ᎾᎾᎾ 265,000 460,000 375,000 $1,165,100 2023 $343,800 80,000 145,000 7,200 110,000 270,000 220,000 (110,000) $1,066,000 $ 98,000 4,000 29,000 235,000 400,000 300,000 $1,066,000 Additional Information for 2024: 1. Purchased additional Investment in stocks for $95,000. 2. Sold land for $62,000. The land originally was purchased for $55,000, resulting in a $7,000 gain being recorded at the time of the sale. 3. Purchased $30,000 in equipment by Issuing a $30,000 long-term note payable to the seller. No cash was exchanged in the transaction.
The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. Net sales Gain on sale of land Total revenues Expenses: VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2824 Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable VIRTUAL GAMING SYSTEMS Balance Sheets December 31 $1,650,000 615,000 33,000 34,000 80,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $2,600,000 7,000 2,607,000 2,412,000 $195,000 4. Declared and paid a cash dividend of $120,000. 5. Issued common stock for $60,000. 2024 $409,500 64,000 160,000 4,600 205,000 215,000 250,000 (143,000) $1,165,100 $ 35,000 5,100 25, ᎾᎾᎾ 265,000 460,000 375,000 $1,165,100 2023 $343,800 80,000 145,000 7,200 110,000 270,000 220,000 (110,000) $1,066,000 $ 98,000 4,000 29,000 235,000 400,000 300,000 $1,066,000 Additional Information for 2024: 1. Purchased additional Investment in stocks for $95,000. 2. Sold land for $62,000. The land originally was purchased for $55,000, resulting in a $7,000 gain being recorded at the time of the sale. 3. Purchased $30,000 in equipment by Issuing a $30,000 long-term note payable to the seller. No cash was exchanged in the transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided.
Net sales
Gain on sale of land.
Total revenues
Expenses:
VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2024
Cost of goods sold
Operating expenses
Depreciation expense
Interest expense
Income tax expense
Total expenses
Net income
Assets
Current assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
Investments
Land
Equipment
Accumulated depreciation
VIRTUAL GAMING SYSTEMS
Total assets
Liabilities and Stockholders' Equity
Current liabilities:
$1,650,000
615,000
33,000
34,000
80,000
Balance Sheets
December 31
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders' equity
$2,600,000
7,000
2,607,000
2,412,000
$195,000
4. Declared and paid a cash dividend of $120,000.
5. Issued common stock for $60,000.
2024
$409,500
64,000
160,000
4,600
205,000
215,000
250,000
(143,000)
$1,165,100
$ 35,000
5,100
25,000
265,000
460,000
375,000
$1,165,100
2023
$343,800
80,000
145,000
7,200
110,000
270,000
220,000
(110,000)
$1,066,000
$ 98,000
4,000
29,000
235,000
400,000
300,000
$1,066,000
Additional Information for 2024:
1. Purchased additional Investment in stocks for $95,000.
2. Sold land for $62,000. The land originally was purchased for $55,000, resulting in a $7,000 gain being recorded at the time of the
sale.
3. Purchased $30,000 in equipment by Issuing a $30,000 long-term note payable to the seller. No cash was exchanged in the
transaction.
Transcribed Image Text:Required:
Prepare the statement of cash flows using the Indirect method. Disclose any noncash transactions in an accompanying note.
(Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)
VIRTUAL GAMING SYSTEMS
Statement of Cash Flows
For the Year Ended December 31, 2024
Cash Flows from Operating Activities:
Net income
Adjustments to reconcile net income to net cash flows from operating activities:
Decrease in accounts receivable
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 at the beginning of the period
Cash at the end of the period
Note: Noncash Activities
$
$
0
0
0
0
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