More info Additionally, One Stop purchased land of $27,700 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,630. The plant acquisition was for cash. R Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Cash Payment for Acquisition of Plant Assets Net Cash Provided by (Used for) Investing Activities B E Y mothed Hee-a minuc.cine.of.paranthacac for amounte that e - One Stop, 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 S 76,400 14,900 10,800 8,200 (21,300) $ 439,000 203,200 235,800 102,100 133,700 (13,100) 120,600 19,900 $ 100,700 Data table Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets $ Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Common Stock, no par Retained Earnings One Stop, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Assets Stockholders' Equity Print $ S Done 2024 26,800 $ 26,400 79,500 34,700 118,850 (16,950) 269,300 $ 35,800 $ 28,600 74,000 138,400 88,300 42,600 120.000 2023 15,100 25,300 91,200 7,000 110,380 (14,680) 234,300 30,000 30,700 105,000 165,700 65,000 3,600 AR RON
More info Additionally, One Stop purchased land of $27,700 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,630. The plant acquisition was for cash. R Acquisition of Land by Issuing Long-term Notes Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Decrease in Accrued Liabilities Decrease in Merchandise Inventory Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Accounts Receivable Cash Payment for Acquisition of Plant Assets Net Cash Provided by (Used for) Investing Activities B E Y mothed Hee-a minuc.cine.of.paranthacac for amounte that e - One Stop, 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 S 76,400 14,900 10,800 8,200 (21,300) $ 439,000 203,200 235,800 102,100 133,700 (13,100) 120,600 19,900 $ 100,700 Data table Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets $ Liabilities Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Common Stock, no par Retained Earnings One Stop, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Assets Stockholders' Equity Print $ S Done 2024 26,800 $ 26,400 79,500 34,700 118,850 (16,950) 269,300 $ 35,800 $ 28,600 74,000 138,400 88,300 42,600 120.000 2023 15,100 25,300 91,200 7,000 110,380 (14,680) 234,300 30,000 30,700 105,000 165,700 65,000 3,600 AR RON
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter14: Statement Of Cash Flows
Section: Chapter Questions
Problem 1MCQ: Cash inflows from operating activities come from a. payment for raw materials. b. gains on the sale...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning