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Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land During 2025, the following occurred. 1. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 40,100 $164,400 (a) Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sig -15,000 or in parenthesis e.g. (15,000).)

Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land During 2025, the following occurred. 1. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 40,100 $164,400 (a) Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sig -15,000 or in parenthesis e.g. (15,000).)

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter13: Financial Statement Analysis
Section: Chapter Questions
Problem 13.10E
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Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land 1. During 2025, the following occurred. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 (a) 40,100 $164,400 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sig -15,000 or in parenthesis e.g. (15,000).)
Transcribed Image Text:Skysong Inc. had the following condensed balance sheet at the end of operations for 2024. Cash Current assets other than cash Equity investments Plant assets (net) Land 1. During 2025, the following occurred. 2. 3. 4. 5. 6. 7. 8. Skysong Inc. Balance Sheet December 31, 2024 $8,400 29,200 19,800 66,900 (a) 40,100 $164,400 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,000 25,500 25,000 75,000 23,900 $164,400 A tract of land was purchased for $8,900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9,400 were paid to stockholders. Net income was $29,900 after allowing depreciation of $13,600. Land was purchased through the issuance of $22,600 in bonds. Skysong Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the comp No unrealized gains or losses were recorded on these investments in 2025. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2025 using the indirect method. (Show amounts that decrease cash flow with either a-sig -15,000 or in parenthesis e.g. (15,000).)
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