Current Accounts Current Assets: 2025 2024 Cash $ 102,200 $ 23,000 Accounts Receivable Merchandise Inventory 63,500 69,100 81,000 75,000 Current Liabilities: Accounts Payable 58,000 55,600 Income Tax Payable 14,500 16,200 Transaction Data - Transaction Data for 2025: Issuance of common stock for cash $ 37,000 Payment of notes payable $ 45,100 Depreciation expense 20,000 Payment of cash dividends 52,000 Purchase of equipment with cash 71,000 Issuance of notes payable to borrow cash 66,000 Acquisition of land by issuing long-term notes payable 123,000 Gain on sale of building 6,500 Book value of building sold 58,000 Net income 66,000

Current Accounts Current Assets: 2025 2024 Cash $ 102,200 $ 23,000 Accounts Receivable Merchandise Inventory 63,500 69,100 81,000 75,000 Current Liabilities: Accounts Payable 58,000 55,600 Income Tax Payable 14,500 16,200 Transaction Data - Transaction Data for 2025: Issuance of common stock for cash $ 37,000 Payment of notes payable $ 45,100 Depreciation expense 20,000 Payment of cash dividends 52,000 Purchase of equipment with cash 71,000 Issuance of notes payable to borrow cash 66,000 Acquisition of land by issuing long-term notes payable 123,000 Gain on sale of building 6,500 Book value of building sold 58,000 Net income 66,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 32BE

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