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Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Total Assets Accumulated Depreciation-Plant Assets Current Liabilities: Allen Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Assets Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ $ $ 2024 11,300 $ 42,500 97,100 41,400 122,260 (21,460) 293,100 $ 25,100 $ 23,400 52,000 100,500 135,700 56,900 192,600 293,100 $ 2023 15,200 43,800 93,600 16,000 112,260 (18,460) 262,400 26,800 22,000 67,000 115,800 127,100 19,500 146,600 262,400

Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Total Assets Accumulated Depreciation-Plant Assets Current Liabilities: Allen Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Assets Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ $ $ 2024 11,300 $ 42,500 97,100 41,400 122,260 (21,460) 293,100 $ 25,100 $ 23,400 52,000 100,500 135,700 56,900 192,600 293,100 $ 2023 15,200 43,800 93,600 16,000 112,260 (18,460) 262,400 26,800 22,000 67,000 115,800 127,100 19,500 146,600 262,400

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 74E
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Prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost of accumulated depreciation of the disposed as it was $12,600. There were no sales of land no retirement of common stock and no treasury stock transactions. Assume plant assets and land acquisitions were for cash. 
Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Total Assets Accumulated Depreciation-Plant Assets Current Liabilities: Allen Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Assets Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ $ $ 2024 11,300 $ 42,500 97,100 41,400 122,260 (21,460) 293,100 $ 25,100 $ 23,400 52,000 100,500 135,700 56,900 192,600 293,100 $ 2023 15,200 43,800 93,600 16,000 112,260 (18,460) 262,400 26,800 22,000 67,000 115,800 127,100 19,500 146,600 262,400
Transcribed Image Text:Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Total Assets Accumulated Depreciation-Plant Assets Current Liabilities: Allen Group, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Assets Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ $ $ $ 2024 11,300 $ 42,500 97,100 41,400 122,260 (21,460) 293,100 $ 25,100 $ 23,400 52,000 100,500 135,700 56,900 192,600 293,100 $ 2023 15,200 43,800 93,600 16,000 112,260 (18,460) 262,400 26,800 22,000 67,000 115,800 127,100 19,500 146,600 262,400
Allen Group, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income $ 76,400 15,600 49,600 11,900 (24,500) $ 442,000 205,500 $ 236,500 141,600 94,900 (12,600) 82,300 16,100 66,200
Transcribed Image Text:Allen Group, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income $ 76,400 15,600 49,600 11,900 (24,500) $ 442,000 205,500 $ 236,500 141,600 94,900 (12,600) 82,300 16,100 66,200
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