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Novak Inc. had the following balance sheet at December 31, 2024. Novak Inc. Balance Sheet December 31, 2024 Cash $25,930 Accounts payable $35,930 Accounts
Novak Inc. had the following balance sheet at December 31, 2024. Novak Inc. Balance Sheet December 31, 2024 Cash $25,930 Accounts payable $35,930 Accounts receivable 27,130 Bonds payable 46,930 Investments 32,000 Common stock 105.930 Plant assets (net) 86,930 Retained earnings 29,130 Land 45,930 $217,920 $217,920 1. 2. During 2025, the following occurred. Novak liquidated its available-for-sale debt investment portfolio at a loss of $10,930. A tract of land was purchased for $43,930. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $15,930 were declared and paid to stockholders. 5. Net income for 2025 was $40,930, including $17,930 in depreciation expense. 6. Land was purchased through the issuance of $35,930 in additional bonds. 7. At December 31, 2025, Cash was $76,130, Accounts Receivable was $47,930, and Accounts Payable was $45,930. (a) Your answer is partially correct Prepare a statement of cash flows for the year 2025 for Novak (Show amounts that decrease cash Sow with either a-sign eg-15,000 or in parenthesis eg. (15,000).) NOVAK INC. Statement of Cash Flows For the Year Ended December 31, 20251 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Depreciation Expense 17930 Loss on Sale of Investments 1030 Decrease in Accounts Payable 0800 increase in Accounts Payable 30000 Net Cash Provided by Investing Activities o 0 . O 0 40100 58990 Loss on Sale of Investments Decrease in Accounts Payable Increase in Accounts Payable Net Cash Provided by Investing Activities O 0 (20800) 10000 Noncash Investing and Financing Activities Land purchased through issuance of $ 35930 of bonds 58990
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