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Sheridan Inc. Balance Sheet December 31, 2024 Cash $ 23,380 Accounts payable $33,380 Accounts receivable 24,580 Bonds payable 44,380 Investments 32,000 Common stock 103,380
Sheridan Inc. Balance Sheet December 31, 2024 Cash $ 23,380 Accounts payable $33,380 Accounts receivable 24,580 Bonds payable 44,380 Investments 32,000 Common stock 103,380 Plant assets (net) 84,380 Retained earnings 26,580 Land 43,380 $207,720 $207,720 1. 2. During 2025, the following occurred. Sheridan liquidated its available-for-sale debt investment portfolio at a loss of $8,380. A tract of land was purchased for $41,380. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $13,380 were declared and paid to stockholders. 5. Net income for 2025 was $38,380, including $15,380 in depreciation expense. 6. Land was purchased through the issuance of $33,380 in additional bonds. 7. At December 31, 2025, Cash was $73,580, Accounts Receivable was $45,380, and Accounts Payable was $43,380. (a) Prepare a statement of cash flows for the year 2025 for Sheridan. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SHERIDAN INC. Statement of Cash Flows Adjustments to reconcile net income to +A Land purchased through issuance of $ of bonds LA $
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