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The following additional data were provided: 1. Dividends for the year 2025 were $192000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided (used) by investing activities is

The following additional data were provided: 1. Dividends for the year 2025 were $192000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided (used) by investing activities is

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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Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: The net cash provided (used) by investing activities is 456000 $48000. $(288000). $240000. O $(352000). 72000 384000 1. Dividends for the year 2025 were $192000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. 96000 $288000
Transcribed Image Text:Income from operations Interest expense Income before taxes Income taxes Net income The following additional data were provided: The net cash provided (used) by investing activities is 456000 $48000. $(288000). $240000. O $(352000). 72000 384000 1. Dividends for the year 2025 were $192000. 2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. 96000 $288000
Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000
Transcribed Image Text:Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash COMPARATIVE BALANCE SHEETS Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings 12/31/25 $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000
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