Wildhorse Ltd. reported the following abbreviated statement of financial position and statement of income for 2024. Cash Accounts receivable Inventory Property, plant, and equipment Less: Accumulated depreciation Total assets Accounts payable Wages payable Loan payable WILDHORSE LTD. Comparative Statement of Financial Position Common shares Retained earnings Total liabilities and shareholders' equity WILDHORSE LTD. Statement of Income For the year ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Other expenses: Supplies expense Depreciation expense Wages expense Other operating expenses Interest expense Other income Net income $15,000 34,000 Dec. 31, 2024 Dec. 31, 2023 $69,000 $72.000 124,000 90,000 5.000 22,000 323,000 698,000 (263,000) $951,000 $81.000 8,500 345,320 196,000 320,180 $951.000 $453,000 234,000 219,000 166,000 53,000 10,000 $63,000 147,000 278,000 645,000 (229,000) $913.000 $83,400 14,600 396,000 153.000 266,000 $913,000 Prepare a statement of cash flows for Wildhorse Ltd. for the year ended December 31, 2024, using the indirect method. (Show amounts that decrease cash flow with either a-sign es-15.000 or in parenthesis eg. (15.000) WILDHORSE LTD. Statement of Cash Flows, Indirect Method Supplemental Cash Flow information: Cash paid for interest V V V V V V S $ S S
Wildhorse Ltd. reported the following abbreviated statement of financial position and statement of income for 2024. Cash Accounts receivable Inventory Property, plant, and equipment Less: Accumulated depreciation Total assets Accounts payable Wages payable Loan payable WILDHORSE LTD. Comparative Statement of Financial Position Common shares Retained earnings Total liabilities and shareholders' equity WILDHORSE LTD. Statement of Income For the year ended December 31, 2024 Sales revenue Cost of goods sold Gross profit Other expenses: Supplies expense Depreciation expense Wages expense Other operating expenses Interest expense Other income Net income $15,000 34,000 Dec. 31, 2024 Dec. 31, 2023 $69,000 $72.000 124,000 90,000 5.000 22,000 323,000 698,000 (263,000) $951,000 $81.000 8,500 345,320 196,000 320,180 $951.000 $453,000 234,000 219,000 166,000 53,000 10,000 $63,000 147,000 278,000 645,000 (229,000) $913.000 $83,400 14,600 396,000 153.000 266,000 $913,000 Prepare a statement of cash flows for Wildhorse Ltd. for the year ended December 31, 2024, using the indirect method. (Show amounts that decrease cash flow with either a-sign es-15.000 or in parenthesis eg. (15.000) WILDHORSE LTD. Statement of Cash Flows, Indirect Method Supplemental Cash Flow information: Cash paid for interest V V V V V V S $ S S
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Wildhorse Ltd. reported the following abbreviated statement of financial position and statement of income for 2024.
Cash
Accounts receivable
Inventory
Property, plant, and equipment
Less: Accumulated depreciation
Total assets
WILDHORSE LTD.
Comparative Statement of Financial Position
Dec. 31, 2024
$69,000
Accounts payable
Wages payable
Loan payable
Common shares
Retained earnings
Total liabilities and shareholders' equity
WILDHORSE LTD.
Statement of Income
For the year ended December 31, 2024
Sales revenue
Cost of goods sold
Gross profit.
Other expenses:
Supplies expense
Depreciation expense
Wages expense
Other operating expenses
Interest expense
Other income
Net income
$15,000
34,000
90,000
5.000
22,000
124.000
323,000
698,000
(263,000)
$951,000
$81,000
8,500
345,320
196.000
320,180
$951,000
$453,000
234,000
219,000
166,000
53,000
10,000
$63,000
Dec. 31, 2023
$72,000
147,000
278,000
645,000
(229,000)
$913,000
$83,400
14,600
396,000
153,000
266,000
$913,000
Prepare a statement of cash flows for Wildhorse Ltd. for the year ended December 31, 2024, using the indirect method. (Show
amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000))
WILDHORSE LTD.
Statement of Cash Flows, Indirect Method
Supplemental Cash Flow information:
Cash paid for interest
V
V
V
V
V
V
V
$
S
$
$
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