Question
Presented here are the financial statements of Wildhorse Company. Wildhorse Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $ 24,500 $ 14,000 Accounts
Presented here are the financial statements of Wildhorse Company.
Wildhorse Company Comparative Balance Sheets December 31 | ||||
---|---|---|---|---|
2025 | 2024 | |||
Assets | ||||
Cash | $ 24,500 | $ 14,000 | ||
Accounts receivable | 14,000 | 9,800 | ||
Inventory | 19,600 | 14,000 | ||
Property, plant, and equipment | 42,000 | 54,600 | ||
Accumulated depreciation | (22,400) | (16,800) | ||
Total | $77,700 | $75,600 | ||
Liabilities and Stockholders Equity | ||||
Accounts payable | $ 13,300 | $ 10,500 | ||
Income taxes payable | 4,900 | 5,600 | ||
Bonds payable | 11,900 | 23,100 | ||
Common stock | 12,600 | 9,800 | ||
Retained earnings | 35,000 | 26,600 | ||
Total | $77,700 | $75,600 |
Wildhorse Company Income Statement For the Year Ended December 31, 2025 | ||||
---|---|---|---|---|
Sales revenue | $169,400 | |||
Cost of goods sold | 122,500 | |||
Gross profit | 46,900 | |||
Selling expenses | $12,600 | |||
Administrative expenses | 4,200 | 16,800 | ||
Income from operations | 30,100 | |||
Interest expense | 2,100 | |||
Income before income taxes | 28,000 | |||
Income tax expense | 5,600 | |||
Net income | $ 22,400 |
Additional data:
1. | Depreciation expense was $12,250. | |
2. | Dividends declared and paid were $14,000. | |
3. | During the year, equipment was sold for $5,950 cash. This equipment originally cost $12,600 and had accumulated depreciation of $6,650 at the time of sale. | |
4. | Bonds were redeemed at their carrying value. | |
5. | Common stock was issued at par for cash. |
NET CASH PROVIDED BY INVESTING ACTIVITIES: ???
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