Kingbird Inc. had the following balance sheet at December 31, 2024. Kingbird Inc. Balance Sheet December...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6652535282d54_31366525351e7936.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66525353433d6_31466525352c131b.jpg)
Transcribed Image Text:
Kingbird Inc. had the following balance sheet at December 31, 2024. Kingbird Inc. Balance Sheet December 31, 2024 Cash $23,690 Accounts payable $ 33,690 Accounts receivable 24,890 Bonds payable 44,690 Investments 32,000 Common stock 103,690 Plant assets (net) 84,690 Retained earnings 26,890 Land 43,690 $208,960 $208,960 During 2025, the following occurred. Kingbird liquidated its available-for-sale debt investment portfolio at a loss of $8,690. 1. 2. A tract of land was purchased for $41,690. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $13,690 were declared and paid to stockholders. 5. Net income for 2025 was $38,690, including $15,690 in depreciation expense. 6. Land was purchased through the issuance of $33,690 in additional bonds. 7. At December 31, 2025, Cash was $73,890, Accounts Receivable was $45,690, and Accounts Payable was $43,690. Prepare a statement of cash flows for the year 2025 for Kingbird. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows Adjustments to reconcile net income to > > $ +A $ Kingbird Inc. had the following balance sheet at December 31, 2024. Kingbird Inc. Balance Sheet December 31, 2024 Cash $23,690 Accounts payable $ 33,690 Accounts receivable 24,890 Bonds payable 44,690 Investments 32,000 Common stock 103,690 Plant assets (net) 84,690 Retained earnings 26,890 Land 43,690 $208,960 $208,960 During 2025, the following occurred. Kingbird liquidated its available-for-sale debt investment portfolio at a loss of $8,690. 1. 2. A tract of land was purchased for $41,690. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $13,690 were declared and paid to stockholders. 5. Net income for 2025 was $38,690, including $15,690 in depreciation expense. 6. Land was purchased through the issuance of $33,690 in additional bonds. 7. At December 31, 2025, Cash was $73,890, Accounts Receivable was $45,690, and Accounts Payable was $43,690. Prepare a statement of cash flows for the year 2025 for Kingbird. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) KINGBIRD INC. Statement of Cash Flows Adjustments to reconcile net income to > > $ +A $
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What were the Basel Accords and what was their purpose?
-
Reconcile the following two positions: (1) "Standard-setting bodies need a conceptual framework to guide their selection of alternative accounting principles if the principles are to have a sound...
-
List and describe the four Ps of the marketing mix.
-
Ya Wen Corporations accumulated depreciationequipment account increased by $8,750, while $3,250 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...
-
Roblez Corporation has the following stockholders equity accounts. Common Stock (5$ par value, 80,000 shares issued and outstanding) $ 400,000 Paid-in Capital in excess of par Common Stock 25,000...
-
Arabian LLC is a public company that manufactures and sells consumer goods. The company has been profitable for the past several years and has a strong balance sheet with significant cash reserves....
-
3. A charity is building a home for a low-income family. The house will cost $85,000.00 to build. The family will make monthly payments of $250.00 until the loan is paid. a. How long will it take for...
-
Marvel ( Pty ) Ltd ( Marvel ) is a company that prints maps and atlases of the world. The financial accountant has recently resigned and the financial manager has requested that you assist in the...
-
Berkshire Threaded Fasteners Company This case is set in an "industrial commodities" firm in New England in 1974, as American dominance of world markets was slipping away. The case is about basic...
-
A SIMPLE IRA is a retirement plan that may be established by employers, including self-employed individuals (sole proprietorships and partnerships). The SIMPLE IRA allows eligible employees to...
-
Pink Ltd acquired all theassetsand liabilities of Sharp Ltd on 1 July 2020.At this date, theassetsand liabilities of Sharp Ltd consisted of the following: Carrying Amount Fair Value Assets Cash...
-
Because fixed effects allows arbitrary correlation between and the, while random effects does not, FE is widely thought to be a more convincing tool for estimating ceteris paribus effects. Let's say...
-
Advanced: Computation of three different transfer prices and the extent to which each price encourages goal congruence English Allied Traders pic has a wide range of manufacturing activities,...
-
Advanced: Computation of divisional profits using market based transfer prices and a discussion of market based transfer prices where market imperfections exist L Ltd and M Ltd are subsidiaries of...
-
Advanced: Setting an optimal transfer price when there is an intermediate imperfect market (a) Memphis pic is a multi-division firm operat ing in a wide range of activities. One of its divisions,...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App