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Complete the statement one section at a time, beginning with the cash flows from operating activities. Traynor Exercise Equipment, Inc. Statement of Cash Flows
Complete the statement one section at a time, beginning with the cash flows from operating activities. Traynor Exercise Equipment, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Traynor Exercise Equipment, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Long-term Assets: Assets 2024 2023 22,000 $ 17,000 53,000 51.000 83,000 92,000 Plant Assets 272,900 220,400 Accumulated Depreciation-Plant Assets (47.900) (33,400) 93,000 75,000 Investments 476,000 $ 422,000 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable Long-term Liabilities: 80,000 $ 70,000 2,000 8.000 59,000 71,000 Notes Payable Total Liabilities 141.000 149,000 Stockholders' Equity Common Stock, no par 47,000 36,000 Retained Earnings 288.000 237,000 Total Stockholders' Equity 335,000 273,000 476,000 S 422,000 Total Liabilities and Stockholders' Equity Traynor Exercise Equipment, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit $ 716,000 340,000 376,000 Operating Expenses. Depreciation Expense $ 55,000 215,000 Other Operating Expenses 270,000 Total Operating Expenses $ 106,000 Net Income More info Traynor calculated the following amounts for 2024 Acquisition value of plant assets, $93,000 . Payment of dividends, $55,000 Payment of long-term notes payable, $12,000 Cash receipt from issuance of common stock, $11,000. Traynor Exercise disposed of plant assets at book value. The cost and accumulated depreciation of the disposed asset was $40,500 No cash was received upon disposal Print Done
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