Retained EarningsTotal Stockholders' EquityTotal Liabilities & Stockholders' EquitySales RevenueLess Cost of Goods SoldGross ProfitExpenses:Depreciation ExpenseSalaries and Wages ExpenseInterest ExpenseLoss on Sale of EquipmentIncome Before TaxesLess Income Tax ExpenseNet Income478,7201,131,520$1,980,160$2,067,200961,2801,105,920195,840500,48043,52015,360350,720140,288210,432435,2001,033,600$1,849,600$1,936,640935,6801,000,960174,080456,96043,5200326,400130,560195,840Additional Information:During the year, Cullumber sold equipment with an original cost of $195,840 and accumulated depreciation of $152,320 andpurchased new equipment for $348,160.Prepare a statement of cash flows for the year ending December 31, 2025. (Show amounts that decrease cash flow with either a - sign e.g.-15.000 or in parenthesis e.s. (15.000).) Current Assets:CashAccounts ReceivableInventoryCullumber EnterprisesBalance Sheet and Income Statement DataDecember 31, 2025Total Current AssetsProperty. Plant, and EquipmentLess: Accumulated DepreciationTotal AssetsCurrent Liabilities:Accounts PayableNotes PayableIncome Taxes PayableTotal Current LiabilitiesBonds PayableTotal LiabilitiesStockholders' Equity:Common Stock$195,840304,640500,4801,000,9601,588,480(609,280)$1,980,160$239,36065,280108,800413,440435,200848,640652,800December 31, 2024$152,320391,680435,200979,2001,436,160(565,760)$1,849,600$130,56087,04097,920315,520500,480816,000598,400

The cash flow statement is one of the important financial statement of the business. It records the…

Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000

Property, Plant, and Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Notes Payable Income Taxes Payable Total Current Liabilities Bonds Payable Total Liabilities Stockholders' Equity 1,588,480 (609,280) $1,980,160 $239,360 65,280 108,800 413,440 435,200 848,640 1,436,160 (565,760) $1,849,600 $130,560 87,040 97,920 315,520 500,480 816,000

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 13MCQ

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