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Comparative balance sheets for 2 0 2 4 and 2 0 2 3 and a statement of income for 2 0 2 4 are given
Comparative balance sheets for and and a statement of income for are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December and $ in thousands Assets Cash $ $ Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ $ Liabilities Accounts payable $ $ Accrued liabilities Lease liabilityland Shareholders' Equity Common stock Paidin capitalexcess of par Retained earnings $ $ METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December $ in thousands Revenues Sales revenue $ Gain on sale of land $ Expenses Cost of goods sold Depreciation expensebuilding Depreciation expenseequipment Loss on sale of equipment Amortization of patent Operating expenses Net income $ Additional information from the accounting records: Annual payments of $ on the finance lease liability are paid each January beginning in During equipment with a cost of $ depreciated was sold. The statement of shareholders equity reveals reductions of $ and $ for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method.Answer is not complete. tableMETAGROBOLIZE INDUSTRIESStatement of Cash FlowsFor year ended December $ in sCash flows from operating activities:Net incomeAdjustments for noncash effects:Depreciation expense Equipment,Loss on sale of equipment,Depreciation expense Equipment,Loss on sale of equipment,Changes in operating assets and liabilities:Increase in accounts receivable,Decrease in inventory,Increase in accounts payable,Increase in accounts payable,,Net cash flows from operating activities,,
Comparative balance sheets for and and a statement of income for are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December and
$ in thousands
Assets
Cash $ $
Accounts receivable
Inventory
Land
Building
Less: Accumulated depreciation
Equipment
Less: Accumulated depreciation
Patent
$ $
Liabilities
Accounts payable $ $
Accrued liabilities
Lease liabilityland
Shareholders' Equity
Common stock
Paidin capitalexcess of par
Retained earnings
$ $
METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December
$ in thousands
Revenues
Sales revenue $
Gain on sale of land $
Expenses
Cost of goods sold
Depreciation expensebuilding
Depreciation expenseequipment
Loss on sale of equipment
Amortization of patent
Operating expenses
Net income $
Additional information from the accounting records:
Annual payments of $ on the finance lease liability are paid each January beginning in
During equipment with a cost of $ depreciated was sold.
The statement of shareholders equity reveals reductions of $ and $ for stock dividends and cash dividends, respectively.
Required:
Prepare the statement of cash flows for Metagrobolize Industries using the indirect method.Answer is not complete.
tableMETAGROBOLIZE INDUSTRIESStatement of Cash FlowsFor year ended December $ in sCash flows from operating activities:Net incomeAdjustments for noncash effects:Depreciation expense Equipment,Loss on sale of equipment,Depreciation expense Equipment,Loss on sale of equipment,Changes in operating assets and liabilities:Increase in accounts receivable,Decrease in inventory,Increase in accounts payable,Increase in accounts payable,,Net cash flows from operating activities,,
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