K The 2024 income statement and comparative balance sheet of Rolling Hills, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Increase in Accounts Receivable Decrease in Merchandise Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets. Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Cash Payment of Notes Payable. Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Provided by (Used for) Financing Activities -xt pages Get more help - 4 (1,100) 11,700 5,300 (1,600) (23,600) 23600 24400 28,700 125,100 (23,600) i (Click Read the p Data table Net Sales Revenue n h n Cost of Goods Sold Gross Profit Income Statement Year Ended December 31, 2024 $ 440,000 209,200 230,800 Operating Expenses: Salaries Expense 77,400 Depreciation Expense-Plant Assets 14,400 10,200 (U Other Operating Expenses 102,000 tir Total Operating Expenses Operating Income 128,800 Other Income and (Expenses): Interest Revenue Interest Expense (U Total Other Income and (Expenses) ci Net Income Before Income Taxes m Income Tax Expense Net Income 8,700 (21,100) (12,400) 116,400 20,000 $ 96,400 (U Print Done I X on em Rolling Hills, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Current Assets: Cash Accounts Receivable Merchandise Inventory Assets Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities 2024 2023 69 $ 26,900 $ 15,700 26,500 25,400 79,800 91,500 35,100 14,000 124,840 114,650 (18,940) (17,950) $ 274,200 $ 243,300 Liabilities $ 35,700 $ 30,400 28.700 30.300 HISTORIATICI memory Long-term Assets: Land Plant Assets Accumulated Depreciation-Plant Assets Total Assets Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Liabilities 69 35,100 14,000 124,840 114,650 (18,940) (17,950) 274,200 $ 243,300 $ 35,700 $ 30,400 28,700 30,300 79,000 108,000 Total Liabilities 143,400 168,700 Stockholders' Equity Common Stock, no par 88,900 64,500 41,900 10,100 Retained Earnings 130,800 74,600 Total Stockholders' Equity 274,200 $ 243,300 Total Liabilities and Stockholders' Equity I X Additionally, Rolling Hills purchased land of $21,100 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $13,410. The plant acquisition was for cash. More info Print Done