Requirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.)

- X Data table - X Cobbs Hill, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Data table 2024 2023 Cobbs Hill, Inc. Assets Current Assets: Income Statement Year Ended December 31, 2024 Net Sales Revenue Cash $ 26,500 $ 15,500 $ 436,000 203,200 26.800 25,200 91,700 Cost of Goods Sold 79,700 232,800 Accounts Receivable Merchandise Inventory Long-term Assets: Land Plant Assets 35,200 Gross Profit Operating Expenses: : Salaries Expense Depreciation Expense-Plant Assets $ 78,400 13,000 103,180 (15,480) 118,140 (18,240) 14,100 Accumulated Depreciation-Plant Assets 10,400 $ 268,100 $ 233,100 Total Assets 102,900 Liabilities Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses): Interest Revenue 129,900 Current Liabilities: $ 35,600 $ 30,800 Accounts Payable Accrued Liabilities Long-term Liabilities: 28,600 30,700 8,600 (21,600) Interest Expense Total Other Income and (Expenses) (13,000) 72,000 103,000 Notes Payable Total Liabilities Net Income Before Income Taxes 136,200 164,500 116,900 19,100 Income Tax Expense Stockholders' Equity $ 97,800 Common Stock, no par 64,800 Net Income 88,600 43,300 3,800 Retained Earnings 131,900 68,600 Total Stockholders' Equity $ 268,100 $ 233,100 Print Done Total Liabilities and Stockholders' Equity 1 Print Done -X More info Additionally, Cobbs Hill purchased land of $22,200 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 $11,340. The plant acquisition was for cash. Print Done (Click the icon to view the ackitional information) The 2021 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: Click the icon to view the income statement.) B Click the icon to view the comparative balance sheet.) Read the requirements. Requirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty, donat select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities Cobbs Hill, Inc. Statement of Cash Flows Year Ended December 31, 2024 Cash Flows from Operating Activities Receipts: Total Cash Receipts Payments Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2023 Cash Balance, December 31, 2024 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities Requirement 2. How will what you learned in this problem help you evaluate an investment? A. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay its debts and dividends B. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments C. Both A and B D. None of the above