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Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues Expenses Sales revenue Gain on sale of land 2024 METAGROBOLIZE INDUSTRIES Income Statement Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income $ 530 650 8000 600 900 (200) 3,250 (460) 1,500 $7,570 $ 900 300 130 3,620 550 2,070 $ 7,570 For the Year Ended December 31, 2024 ($ in thousands) $ 3,040 65 2023 $ 1,100 25 580 25 150 350 $ 255 340 425 555 900 (175) 3,050 (420) 1,650 $ 6,580 $ 600 245 0 3,500 445 1,790 $ 6,580 $ 3,105 2,230 $ 875 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $600,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $225,000 and $370,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues Expenses Sales revenue Gain on sale of land 2024 METAGROBOLIZE INDUSTRIES Income Statement Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income $ 530 650 8000 600 900 (200) 3,250 (460) 1,500 $7,570 $ 900 300 130 3,620 550 2,070 $ 7,570 For the Year Ended December 31, 2024 ($ in thousands) $ 3,040 65 2023 $ 1,100 25 580 25 150 350 $ 255 340 425 555 900 (175) 3,050 (420) 1,650 $ 6,580 $ 600 245 0 3,500 445 1,790 $ 6,580 $ 3,105 2,230 $ 875 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $600,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $225,000 and $370,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues Expenses Sales revenue Gain on sale of land Net income 2024 Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses $ 530 650 800 600 900 (200) 3,250 (460) 1,500 $ 7,570 METAGROBOLIZE INDUSTRIES Income Statement $ 900 300 130 For the Year Ended December 31, 2024 ($ in thousands) $ 3,040 65 $ 1,100 25 580 25 150 350 & V 2023 3,620 550 3,500 445 1,790 2,070 $ 7,570 $ 6,580 $255 340 425 555 900 (175) 3,050 (420) 1,650 $ 6,580 $ 600 245 0 $ 3,105 2,230 $ 875 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $600,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $225,000 and $370,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
Transcribed Image Text:Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Revenues Expenses Sales revenue Gain on sale of land Net income 2024 Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses $ 530 650 800 600 900 (200) 3,250 (460) 1,500 $ 7,570 METAGROBOLIZE INDUSTRIES Income Statement $ 900 300 130 For the Year Ended December 31, 2024 ($ in thousands) $ 3,040 65 $ 1,100 25 580 25 150 350 & V 2023 3,620 550 3,500 445 1,790 2,070 $ 7,570 $ 6,580 $255 340 425 555 900 (175) 3,050 (420) 1,650 $ 6,580 $ 600 245 0 $ 3,105 2,230 $ 875 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2024. b. During 2024, equipment with a cost of $600,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $225,000 and $370,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.
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