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The following are comparative balance sheets and an income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

The following are comparative balance sheets and an income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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The following are comparative balance sheets and an income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:The following are comparative balance sheets and an income statement for Wentworth Company. Wentworth Company Balance Sheets as of December 31 Cash Accounts receivable Inventory Long-term investments Total assets Liabilities and shareholders' equity Accounts payable Operating expenses payable Bonds payable Common stock Retained earnings Totals Wentworth Company Income Statement For the Year Ended December 31, 2024 Sales Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: ending inventory Cost of goods sold Gross profit Operating expenses Income from operations Other expenses: Loss on sale of long-term investment Net loss 2024 $ 21,500 211,000 196,000 0 $ 428,500 $ 84,600 25,600 78,000 141,000 99,300 $ 428,500 $ 241,000 346,000 587,000 196,000 2023 $ 136,000 121,000 241,000 76,000 $ 574,000 $ 136,000 16,600 116,000 141,000 164,400 $ 574,000 $ 592,000 391,000 201,000 196,000 5,000 (9,100) $ (4,100) Cash dividends of $61,000 were paid in 2024. Required: Prepare a statement of cash flows for 2024 using the direct method. Note: Amounts to be deducted should be indicated with a minus sign.
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