The 2024 income statement and comparative balance sheet of McKnight, Inc. follow:
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The 2021 income statement and comparative balance sheet of McKnight, Inc. bow Cox then to view the income talment Click the con to view the comparte balance shot) Click the con to the additional information Read the Requirement Prethe2004 Saloont of Cast by the directed the more than habere there the box, care este Com the statement one section at a time, beginning with the cash lows from operating advies Mcknight. Inc Statement at Cash Flow Year Ended December 3, 234 Cuin Plows from Opening the Recept Total Cats The 2024 income statement and compare balance sheet of McKnig, Inc. fole Click the conto the down) Click the now the companie balance whet.) Sol Cow Parys No Cash Provided by Operating Cashflows from verg Acts Net Cash Provided by Used for investing Adivities Cash Flows.FromFriencing Acties Net Cash Provided by Condor Francing Act in D.) Cath December 2008 Cash Balance December 2004 Nching and ang The 2024 income statement and comparative balance sheet of Monight Infolow mick then to the income statement Click the conto imparative balance shot) Click the below the door formation Read the Cash Flow from Francing Activities al Comhoot by (Uned to Francong Activiti Met een Casa Ceceber,2023 Cash Balo December 2004 Nong and Funding Achte Requirement 2. How we wat you loomed in this problem help you evaluate an riveste O A Lowo predict une conto vale anagement them, and predict the tiny of the company to pay the table and didunia OB Leam now operating at the investigates and financing activities generate cash recops and cash payments OC Botha OD. None of the This quiz: 3 points) possible lossible Data table Data table Mcknight, Inc. Comparative Balance Sheet December 31, 2024 and 2023 2024 2023 5 15,900 28,100 $ 28.400 25,600 79,500 92.000 Assets Current Assets Cash Accounts Receivable Merchandise Inventory Long-term Assets Land Plant Assets Accumulated Depreciation--Plant Assets Total Assets Liabilities Current Liabilities: Accounts Payable Accrued Liabilities 15,000 McKnight, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue $442,000 Cost of Goods Sold 205.200 Gross Profit 236,800 Operating Expenses Salaries Expense S 78,400 Depreciation Expense---Plant Assets 14,200 Other Operating Exp 10.500 11 Total Operating Expenses 103,100 Operating Income 133,700 Other income and (Expenses Interest Revenue 8,400 Interest Expense (21.400) Total Other Income and (Expenses) (13,000 Net Income Before Income Taxes 120.700 In The 19.500 35.400 119,080 (17.100) 269,300 $ 107,310 (15,610) 240,200 $ 30.900 35.900 S 28.200 30 200 Print Done Print Done Data table Data table 35,400 119,080 (17,180) 269,300 $ 15,000 107,310 (15,610) 240,200 Long-term Assets Land Plant Assets Accumulated Depreciation --Plant Assets Total Assets Liabilities Current Liabilities: Accounts Payable s Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 35,900 $ 28,200 30.900 30,200 Year Ended December 31, 2024 Net Sales Revenue $ 442,000 205 200 Cost of Goods Sold Gross Profit 238,800 Operating Expenses Salaries Expense 78,400 Depreciation Expense-Plant Assets 14,200 10.500 Other Operating Expenses 103.100 Total Operating Expenses Operating incomo 133,700 Other Income and (Expenses Interest Revenue 8,400 (21,400) Interest Expense (13,000) Total Other Income and (Expenses) Net Income Before Income Taxen 120.700 10.000 Income Tax Expense Net Income $ 101,100 74,000 105,000 138,100 166,100 88,600 42,000 64,000 10.100 74,100 131,200 269,300 S 240,200 Print Done Print Done More info Requirements vided by cu (Decrease) December December Additionally, Mcknight purchased land of $20,400 by financing 100% with long-term notes payable during 2024. During the year, there were no sales of land no rebrements 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 $12,630. The plant acquisition was for cash. 1. Prepare the 2024 statement of cash flows by the direct method. 2. How wil what you learned in this problem help you evaluate an investment? sing and Print Done Print Done Investing How wil what you learned in this problem help you evaluate an investment
