Question
The following are comparative balance sheets for Flint Company. Flint Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $197,200 $63,800 Accounts receivable
The following are comparative balance sheets for Flint Company. Flint Company Comparative Balance Sheets December 31 2025 2024 Assets Cash $197,200 $63,800 Accounts receivable 255,200 220,400 Inventory 484,300 548,100 Land 232,000 290,000 Equipment 754,000 580,000 Accumulated depreciation-equipment (191,400) (92,800) Total $1,731,300 $1,609,500 Liabilities and Stockholders' Equity Accounts payable $113,100 $124,700 Bonds payable 435,000 580,000 Common stock ($1 par) 626,400 504,600 Retained earnings 556,800 400,200 Total $1,731,300 $1,609,500 Additional information: 1. Net income for 2025 was $269,700. 2. Depreciation expense was $98,600. 3. Cash dividends of $113,100 were declared and paid. 4. Bonds payable with a carrying value of $145,000 were redeemed for $145,000 cash. 5. Common stock was issued at par for $121,800 cash. 6. No equipment was sold during 2025. 7. Land was sold for its book value.
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