Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES...

Transcribed Image Text:

Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 (8 in thousands) Sales revenue Total revenue Service revenue Operating expenses: Cost of goods sold Selling expense $ 15,450 4,600 $ 20,050 7,800 3,000 General and administrative expense 2,100 Total operating expenses 12,900 Operating income 7,150 Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information (S in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $1,000 were declared and paid. 2. Equipment costing $5,200 was purchased with cash. December 31, 2024 $ 8,900 3,700 5,200 210 210 6,948 2,200 $ 4,740 December 31, 2023 $ 2,740 2,800 3,600 420 15,700 13,200 (5,100) (5,700) $28,010 $ 2,600 $17,660 $ 1,799 660 920 160 920 610 6,200 10,600 6,929 10,600 3,789 $ 28,010 $ 17,660 3. Equipment with a book value of $1,100 (cost of $2,700 less accumulated depreciation of $1,000) was sold for $1,100. 4. Depreciation of $2,200 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 (8 in thousands) Sales revenue Total revenue Service revenue Operating expenses: Cost of goods sold Selling expense $ 15,450 4,600 $ 20,050 7,800 3,000 General and administrative expense 2,100 Total operating expenses 12,900 Operating income 7,150 Interest expense Income before income taxes Income tax expense Net income Balance Sheet Information (S in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $1,000 were declared and paid. 2. Equipment costing $5,200 was purchased with cash. December 31, 2024 $ 8,900 3,700 5,200 210 210 6,948 2,200 $ 4,740 December 31, 2023 $ 2,740 2,800 3,600 420 15,700 13,200 (5,100) (5,700) $28,010 $ 2,600 $17,660 $ 1,799 660 920 160 920 610 6,200 10,600 6,929 10,600 3,789 $ 28,010 $ 17,660 3. Equipment with a book value of $1,100 (cost of $2,700 less accumulated depreciation of $1,000) was sold for $1,100. 4. Depreciation of $2,200 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.