The 2024 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) i (Click the icon to view the Read the requirements.

The 2024 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (C) (Click the icon to view the Read the requirements. More info Additionally, Get Wired purchased land of $19,400 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 $13,240. The plant acquisition was for cash. Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2023 Cash Balance, December 31, 2024 Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory s 27,000$ 15,600 26,800 25,100 79,60091,200 Long-term Assets: Land 34,400 15,000 Plant Assets Accumulated Depreciation-Plant Assets Total Assets \begin{tabular}{rr} 119,210 & 108,150 \\ \hline(16,310) & (15,450) \\ \hline S270,700 & 239,600 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable \$ 35,800$ 30,000 Accrued Liabilities 28.200 30,500 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 the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Year Ended December 31, 2024} \\ \hline Net Sales Revenue & & & S & 435,000 \\ \hline Cost of Goods Sold & & & & 201,200 \\ \hline Gross Profit & & & & 233,800 \\ \hline \multicolumn{5}{|l|}{ Operating Expenses: } \\ \hline Salaries Expense & $ & 74,400 & & \\ \hline Depreciation Expense-Plant Assets & & 14,100 & & i \\ \hline Other Operating Expenses & & 10,900 & & \\ \hline Total Operating Expenses & & & & 99,400 \\ \hline Operating Income & & & & 134,400 \\ \hline \multicolumn{5}{|l|}{ Other Income and (Expenses): } \\ \hline Interest Revenue & & 9,000 & & \\ \hline Interest Expense & & (21,400) & & \\ \hline Total Other Income and (Expenses) & & & & (12,400) \\ \hline Net Income Before Income Taxes & & & & 122,000 \\ \hline Income Tax Expense & & & & 19,400 \\ \hline Net Income & & & s & 102,600 \\ \hline \end{tabular} Requirement 2. How will what you learned in this problem help you evaluate an investment? A. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments B. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay its debts C. Both A and B D. None of the above Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory s 27,000$ 15,600 26,800 25,100 79,60091,200 Long-term Assets: Land 34,400 15,000 Plant Assets Accumulated Depreciation-Plant Assets Total Assets \begin{tabular}{rr} 119,210 & 108,150 \\ \hline(16,310) & (15,450) \\ \hline S270,700 & 239,600 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable \$ 35,800$ 30,000 Accrued Liabilities 28.200 30,500 Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing 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 The 2024 income statement and comparative balance sheet of Get Wired, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) (C) (Click the icon to view the Read the requirements. More info Additionally, Get Wired purchased land of $19,400 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 $13,240. The plant acquisition was for cash. Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2023 Cash Balance, December 31, 2024 Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory s 27,000$ 15,600 26,800 25,100 79,60091,200 Long-term Assets: Land 34,400 15,000 Plant Assets Accumulated Depreciation-Plant Assets Total Assets \begin{tabular}{rr} 119,210 & 108,150 \\ \hline(16,310) & (15,450) \\ \hline S270,700 & 239,600 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable \$ 35,800$ 30,000 Accrued Liabilities 28.200 30,500 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 the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Year Ended December 31, 2024} \\ \hline Net Sales Revenue & & & S & 435,000 \\ \hline Cost of Goods Sold & & & & 201,200 \\ \hline Gross Profit & & & & 233,800 \\ \hline \multicolumn{5}{|l|}{ Operating Expenses: } \\ \hline Salaries Expense & $ & 74,400 & & \\ \hline Depreciation Expense-Plant Assets & & 14,100 & & i \\ \hline Other Operating Expenses & & 10,900 & & \\ \hline Total Operating Expenses & & & & 99,400 \\ \hline Operating Income & & & & 134,400 \\ \hline \multicolumn{5}{|l|}{ Other Income and (Expenses): } \\ \hline Interest Revenue & & 9,000 & & \\ \hline Interest Expense & & (21,400) & & \\ \hline Total Other Income and (Expenses) & & & & (12,400) \\ \hline Net Income Before Income Taxes & & & & 122,000 \\ \hline Income Tax Expense & & & & 19,400 \\ \hline Net Income & & & s & 102,600 \\ \hline \end{tabular} Requirement 2. How will what you learned in this problem help you evaluate an investment? A. Learn how operating activities, investing activities, and financing activities generate cash receipts and cash payments B. Learn how to predict future cash flows, evaluate management decisions, and predict the ability of the company to pay its debts C. Both A and B D. None of the above Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory s 27,000$ 15,600 26,800 25,100 79,60091,200 Long-term Assets: Land 34,400 15,000 Plant Assets Accumulated Depreciation-Plant Assets Total Assets \begin{tabular}{rr} 119,210 & 108,150 \\ \hline(16,310) & (15,450) \\ \hline S270,700 & 239,600 \\ \hline \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable \$ 35,800$ 30,000 Accrued Liabilities 28.200 30,500 Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing 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