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The comparative
appears below:
Assets: 12/31/2024 12/31/2023
Cash $ 53,000 $ 120,000
Inventories 108,500 100,000
Equipment 573,200 450,000
$629,700 $542,000
Liabilities &
Accounts payable $ 62,500 $ 43,800
Bonds payable, due June 2024 0 100,000
Common stock, $10 par 335,000 285,000
Paid-in capital in excess
of par - Common stock 74,000 55,000
$629,700 $542,000
The income statement for the year ended December 31, 2024 appears below:
Sales $625,700
Cost of merchandise sold 340,000
Gross profit 285,700
Operating expenses (includes $26,000 depreciation
expense) 94,000
Operating Income 191,700
Interest expense 6,000
Income before income tax 185,700
Income tax 60,700
Net income $125,000
Also in 2024, fully depreciated equipment costing $60,000 was scrapped at no
salvage value and 5,000 shares of common stock were issued for cash.
positive $134,800
positive $146,200
positive $151,000
positive $172,200
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- Vertical Analysis of Balance Sheets Consolidated balance sheets for Winged Manufacturing follow. Winged ManufacturingConsolidated Balance Sheets(dollars in thousands) December 31 ASSETS 2023 2023 Current assets: Cash and cash equivalents $1,228,488 $676,413 Short-term investments 54,368 215,890 Accounts receivable, net of allowance for doubtful accountsof $90,992 ($83,776 in 2022) 1,581,347 1,381,946 Inventories 1,088,434 1,541,638 Deferred tax assets 293,048 268,085 Other current assets 255,767 289,383 Total current assets $4,501,452 $4,373,355 Property, plant, and equipment: Land and buildings $484,592 $404,688 Machinery and equipment 587,728 578,272 Office furniture and equipment 158,160 167,905 Leasehold improvements 236,708 261,792 $1,467,188 $1,412,657 Accumulated depreciation and amortization (785,088) (753,111) Net property, plant, and equipment $682,100 $659,546 Other assets…arrow_forwardSelected financial info for Strand Corp is below: Cash Accounts receivable (net) Inventory Land Equipment Accumulated depreciation TOTAL Accounts payable Notes payable- current Notes payable- non-current Common stock Retained earnings TOTAL 2022 2021 $63,000 $42,000 $151,200 $84,000 $201,600 $168,000 $21,000 $58,800 $789,600 $504,000 ($115,600) ($84,000) $1,110,800 $772,800 $86,000 $50,400 $29,400 $67,200 $302,400 $168,000 $487,200 $420,000 $205,800 $67,200 $1,110,800 $772,800 Additional info for 2022: 1) Net Income was $235,200 2) Depreciation expense was recorded 3) Land was sold at its original cost. No other assets were sold 4) Cash dividends were paid 5) Equipment was purchased for cash REQUIRED: A) Prepare a formal Statement of Cash Flows for 2022 B) Prepare a calculation for Free Cash Flowarrow_forwardCurrent assets Cash Accounts receivable Inventory Total Net plant and equipment Total assets Current assets Cash Assets Fixed assets 2017 $ 10,200 30,200 74,600 $ 115,000 Accounts receivable Inventory Total $285,000 $400,000 Assets 2018 Net plant and equipment $ 13,200 38,640 87,120 $ 138,960 $ 341,040 $480,000 $ $ $ 2017 Current liabilities For each account on this company's balance sheet, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in Retained earnings surplus Liabilities and Owners' Equity 2017 Total 10,2003 30,200 74,600 115,000 Total liabilities and owners' equity 285,000 Sources/Uses $ $ $ $ 46,000 27,800 $ 73,800 $ 40,000 $ 60,000 226,200 $286,200…arrow_forward
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