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The 2024 income statement and comparative balance sheet of
CanGrow, Inc.
follow:
DATA:
CanGrow, Inc.
Income Statement
Year Ended December 31, 2024
Net Sales Revenue = $441,000
Cost of Goods Sold = 204,200
Gross Profit = 236,800
Operating Expenses:
Salaries Expense = $79,400
Depreciation Expense—Plant Assets = 14,800
Other Operating Expenses = 10,100
Total Operating Expenses = 104,300
Operating Income = 132,500
Other Income and (Expenses):
Interest Revenue = 8,500
Interest Expense = (21,700)
Total Other Income and (Expenses) = (13,200)
Net Income Before Income Taxes = 119,300
Income Tax Expense = 19,400
Net Income = $99,900
MORE DATA:
CanGrow, Inc.
Comparative Balance Sheet
December 31, 2024 and 2023
Assets:
Current Assets:
2024 Cash = 26,500
2023 Cash = 15,900
2024 Accounts Receivable = 26,700
2023 Accounts Receivable = 25,000
2024 Merchandise Inventory = 79,400
2023 Merchandise Inventory = 92,000
Long-term Assets:
2024 Land = 35,400
2023 Land = 9,000
2024 Plant Assets = 115,070
2023 Plant Assets = 110,310
2024 Accumulated Depreciation – Plant Assets = (17,170)
2023 Accumulated Depreciation – Plant Assets = (15,610)
2024 Total Assets = 265,900
2023 Total Assets = 236,600
Liabilities:
Current liabilities:
2024 Accounts Payable = 35,200
2023 Accounts Payable = 29,900
Long-term liabilities:
2024 Notes Payable = 72,000
2023 Notes Payable = 102,000
2024 Total Liabilities = 136,100
2023 Total Liabilities = 162,000
Stockholders’ Equity :
2024 Common Stock, no par = 88,500
2023 Common Stock, no par = 64,100
2024 Retained Earnings = 41,300
2023 Retained Earnings = 10,500
2024 Total Stockholders’ Equity = 129,800
2023 TotalStockholders’ Equity = 74,600
2024 Total Liabilities and Stockholders’ Equity = 265,900
2023 Total Liabilities and Stockholders’ Equity = 236,600
MORE INFO:
Additionally, CanGrow purchased land of $ 26,400 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.
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 box is not used in the statement, leave the box empty; do not select a label or enter a zero.)
