Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Current Attempt in Progress Flint Inc. had the following balance sheet at December 31, 2024. During 2025, the following occurred. 1. Flint Inc. sold part
Current Attempt in Progress Flint Inc. had the following balance sheet at December 31, 2024. During 2025, the following occurred. 1. Flint Inc. sold part of its debt investment portfolio for $16,327. This transaction resulted in a gain of $4,727 for the firm. The company classifies these investments as available-for-sale. 2. A tract of land was purchased for $15,640 cash. 3. Long-term notes payable in the amount of $17,327 were retired before maturity by paying $17,327 cash. 4. An additional $21,327 in common stock was issued at par. 5. Dividends of $9,527 were declared and paid to stockholders. 6. Net income for 2025 was $34,640 after allowing for depreciation of $12,327. 7. Land was purchased through the issuance of $37,640 in bonds. 8. At December 31,2025 , Cash was $39,640, Accounts Receivable was $44,240, and Accounts Payable remained at $32,640. Purchase of Land Net Cash Provided by Investing Activities Cash Flows from Financing Activities Issuance of Common Stock Retirement of Notes Payable Payment of Cash Dividends Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Year Noncash Investing and Financing Activities FLINT INC. Statement of Cash Flows For the Year Ended December 31, 2025 Cash Flows from Operating Activities Net Income $ Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Gain on Sale of Investments Increase in Account Receivable Net Cash Provided by Operating Activities ^ Cash Flows from Investing Activities Sale of Investments Land purchased through issuance of $ of bonds
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started