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Cash* Sales Revenue S/T Investments Cost of Goods Sold L/T Debt Investments L/T Equity Investments S/T Notes Payable Accounts Payable Selling Expenses Dividend Revenue Land** Buildings Dividends Payable Accrued Liabilities Accounts Receivable Bugs and Monkeys Inc. Adjusted Trial Balance December 31, 2024 Accumulated Depreciation - Buildings Unrealized Holding Gain -- Trading Interest Payable Allowance for Doubtful Accounts Administrative Expenses Interest Expense Goodwill Inventory Gain on Sale of Investments Premium on Bonds Payable L/T Notes Payable*** Equipment Loss on Impairment of Equipment Bonds Payable Accumulated Depreciation - Equipment Franchises (Net) Common Stock**** Patents (Net) Retained Earnings APIC -- C/S $ dr 388,000 153,000 4,800,000 299,000 277,000 1,910,000 260,000 1,040,000 435,000 1,050,500 87,000 124,000 597,000 $ 600,000 90,000 260,000 386,000 cr 8,100,000 190,000 332,000 63,000 136,000 96,000 152,000 12,000 23,000 25,000 80,000 41,500 900,000 1,400,000 60,000 $12,756,500 $ Ignore income tax expense. Yes, this trial balance is jumbled. Cash* balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land** cost includes $45,000 for land purchased for use starting in 2027. LIT Notes Payable*** includes principal payments of $80,000 to be made in 2025. Common Stock **** has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31, 2024, and a classified balance sheet for December 31, 2024. 660,000 266,000 220,000 12,756,500

Cash* Sales Revenue S/T Investments Cost of Goods Sold L/T Debt Investments L/T Equity Investments S/T Notes Payable Accounts Payable Selling Expenses Dividend Revenue Land** Buildings Dividends Payable Accrued Liabilities Accounts Receivable Bugs and Monkeys Inc. Adjusted Trial Balance December 31, 2024 Accumulated Depreciation - Buildings Unrealized Holding Gain -- Trading Interest Payable Allowance for Doubtful Accounts Administrative Expenses Interest Expense Goodwill Inventory Gain on Sale of Investments Premium on Bonds Payable L/T Notes Payable*** Equipment Loss on Impairment of Equipment Bonds Payable Accumulated Depreciation - Equipment Franchises (Net) Common Stock**** Patents (Net) Retained Earnings APIC -- C/S $ dr 388,000 153,000 4,800,000 299,000 277,000 1,910,000 260,000 1,040,000 435,000 1,050,500 87,000 124,000 597,000 $ 600,000 90,000 260,000 386,000 cr 8,100,000 190,000 332,000 63,000 136,000 96,000 152,000 12,000 23,000 25,000 80,000 41,500 900,000 1,400,000 60,000 $12,756,500 $ Ignore income tax expense. Yes, this trial balance is jumbled. Cash* balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land** cost includes $45,000 for land purchased for use starting in 2027. LIT Notes Payable*** includes principal payments of $80,000 to be made in 2025. Common Stock **** has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31, 2024, and a classified balance sheet for December 31, 2024. 660,000 266,000 220,000 12,756,500

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MCQ: Which of the following would be classified as a cash outflow from an operating activity? a. Purchase...
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Cash* Sales Revenue S/T Investments Cost of Goods Sold L/T Debt Investments L/T Equity Investments S/T Notes Payable Accounts Payable Selling Expenses Dividend Revenue Land** Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation - Buildings Unrealized Holding Gain -- Trading Interest Payable Allowance for Doubtful Accounts Administrative Expenses Interest Expense Goodwill Inventory Bugs and Monkeys Inc. Adjusted Trial Balance December 31, 2024 Gain on Sale of Investments Premium on Bonds Payable L/T Notes Payable** *** Equipment Loss on Impairment of Equipment Bonds Payable Accumulated Depreciation - Equipment Franchises (Net) Common Stock Patents (Net) Retained Earnings APIC -- C/S **** dr $ 388,000 153,000 4,800,000 299,000 277,000 1,910,000 260,000 1,040,000 435,000 1,050,500 87,000 124,000 597,000 600,000 90,000 $ 260,000 386,000 cr 8,100,000 190,000 332,000 63,000 136,000 96,000 152,000 12,000 23,000 25,000 80,000 41,500 900,000 1,400,000 60,000 $12,756,500 $ Ignore income tax expense. Yes, this trial balance is jumbled. Cash* balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land** cost includes $45,000 for land purchased for use starting in 2027. Common Stock L/T Notes Payable*** includes principal payments of $80,000 to be made in 2025. **** has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31, 2024, and a classified balance sheet for December 31, 2024. 660,000 266,000 220,000 12,756,500
Transcribed Image Text:Cash* Sales Revenue S/T Investments Cost of Goods Sold L/T Debt Investments L/T Equity Investments S/T Notes Payable Accounts Payable Selling Expenses Dividend Revenue Land** Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation - Buildings Unrealized Holding Gain -- Trading Interest Payable Allowance for Doubtful Accounts Administrative Expenses Interest Expense Goodwill Inventory Bugs and Monkeys Inc. Adjusted Trial Balance December 31, 2024 Gain on Sale of Investments Premium on Bonds Payable L/T Notes Payable** *** Equipment Loss on Impairment of Equipment Bonds Payable Accumulated Depreciation - Equipment Franchises (Net) Common Stock Patents (Net) Retained Earnings APIC -- C/S **** dr $ 388,000 153,000 4,800,000 299,000 277,000 1,910,000 260,000 1,040,000 435,000 1,050,500 87,000 124,000 597,000 600,000 90,000 $ 260,000 386,000 cr 8,100,000 190,000 332,000 63,000 136,000 96,000 152,000 12,000 23,000 25,000 80,000 41,500 900,000 1,400,000 60,000 $12,756,500 $ Ignore income tax expense. Yes, this trial balance is jumbled. Cash* balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land** cost includes $45,000 for land purchased for use starting in 2027. Common Stock L/T Notes Payable*** includes principal payments of $80,000 to be made in 2025. **** has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31, 2024, and a classified balance sheet for December 31, 2024. 660,000 266,000 220,000 12,756,500
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