Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement Sales revenue Service revenue For the Year Ended December 31, 2024 ($ in thousands) Total revenue Operating expenses: Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable. Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity $ 15,650 4,800 7,900 3,100 2,200 December 31, 2024 $9,000 3,900 5,400 220 15,900 (5,800) $28,620 $ 2,800 170 940 620 6,400 10,700 6,990 $ 28,620 $ 20,450 13,200 7,250 220 7,030 2,300 $4,730 December 31, 2023 $ 2,830 2,900 3,700 440 13,400 (5,200) $ 18,070 $ 1,800 0 670 940 0 10,700 3,960 $ 18,070 Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $1,700 were declared and paid. 2. Equipment costing $5,400 was purchased with cash. 3. Equipment with a book value of $1,200 (cost of $2,900 less accumulated depreciation of $1,700) was sold for $1,200. 4. Depreciation of $2,300 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thou
Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement Sales revenue Service revenue For the Year Ended December 31, 2024 ($ in thousands) Total revenue Operating expenses: Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable. Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity $ 15,650 4,800 7,900 3,100 2,200 December 31, 2024 $9,000 3,900 5,400 220 15,900 (5,800) $28,620 $ 2,800 170 940 620 6,400 10,700 6,990 $ 28,620 $ 20,450 13,200 7,250 220 7,030 2,300 $4,730 December 31, 2023 $ 2,830 2,900 3,700 440 13,400 (5,200) $ 18,070 $ 1,800 0 670 940 0 10,700 3,960 $ 18,070 Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $1,700 were declared and paid. 2. Equipment costing $5,400 was purchased with cash. 3. Equipment with a book value of $1,200 (cost of $2,900 less accumulated depreciation of $1,700) was sold for $1,200. 4. Depreciation of $2,300 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thou
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E
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Transcribed Image Text:Required:
Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
SANTANA INDUSTRIES
Statement of Cash Flows
For the Year Ended December 31, 2024
($ in thousands)
Cash flows from operating activities:
Adjustments for noncash effects:
Changes in operating assets and liabilities:
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
Net increase in cash
Cash, January 1
Cash, December 31
$
$
0
0
0
0
Transcribed Image Text:Presented below are the 2024 income statement and comparative balance sheets for Santana Industries.
SANTANA INDUSTRIES
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Sales revenue
Service revenue
Total revenue
Operating expenses:
Cost of goods sold.
Selling expense
General and administrative expense
Total operating expenses
Operating income
Interest expense
Income before income taxes
Income tax expense
Net income
Balance Sheet Information ($ in thousands)
Assets:
Cash
Accounts receivable
Inventory
Prepaid rent
Equipment
Less: Accumulated depreciation
Total assets
Liabilities and Shareholders' Equity:
Accounts payable
Interest payable
Deferred revenue
Income taxes payable
Notes payable (due 12/31/2026)
Common stock
Retained earnings
Total liabilities and shareholders' equity
$ 15,650
4,800
7,900
3,100
2,200
December
31, 2024
$ 9,000
3,900
5,400
220
15,900
(5,800)
$28,620
$ 2,800
170
940
620
6,400
10,700
6,998
$ 28,620
$ 20,450
13,200
7,250
220
7,030
2,300
$4,730
December
31, 2023
$ 2,830
2,900
3,700
440
13,400
(5,200)
$ 18,070
$ 1,800
0
670
940
0
10,700
3,960
$ 18,070
Additional information for the 2024 fiscal year ($ in thousands):
1. Cash dividends of $1,700 were declared and paid.
2. Equipment costing $5,400 was purchased with cash.
3. Equipment with a book value of $1,200 (cost of $2,900 less accumulated depreciation of $1,700) was sold for $1,200.
4. Depreciation of $2,300 is included in operating expenses.
Required:
Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities.
Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.
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