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Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory 12/31/25 $6,100 62,200 34,900 40,300 12/31/24 $7,000 51,500 17,900 60,500

Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory 12/31/25 $6,100 62,200 34,900 40,300 12/31/24 $7,000 51,500 17,900 60,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable. Short-term loans payable Long-term loans payable Common stock, $10 par Paid-in capital, common stock Retained earnings Total liabilities and stockholders' equity Sales revenue Cost of goods sold Gross profit Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Flint Inc. Income Statement For the Year Ending December 31, 2025 Income tax expense Net income 1. Additional information: 3. 4. $11,400 1,900 12/31/25 $6,100 $336,150 174,100 162,050 46,200 49,800 $312,900 $297,100 120,800 62,200 41,250 34,900 4,000 7,900 8,100 59,800 100,000 30,000 57,100 $312,900 $297,100 9,500 31,750 6,350 $25,400 40,300 5,000 153,200 (35,000) 12/31/24 $7,000 51,500 17,900 60,500 3,900 131,200 (24,700) $46,000 $40,000 6,000 4,000 10,100 69,200 Dividends in the amount of $6,100 were declared and paid during 2025. 2. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,200 and was 70% depreciated was sold during 2025. 100,000 30,000 37,800 : 1
Transcribed Image Text:Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets Accounts payable Income taxes payable Salaries and wages payable. Short-term loans payable Long-term loans payable Common stock, $10 par Paid-in capital, common stock Retained earnings Total liabilities and stockholders' equity Sales revenue Cost of goods sold Gross profit Flint Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Flint Inc. Income Statement For the Year Ending December 31, 2025 Income tax expense Net income 1. Additional information: 3. 4. $11,400 1,900 12/31/25 $6,100 $336,150 174,100 162,050 46,200 49,800 $312,900 $297,100 120,800 62,200 41,250 34,900 4,000 7,900 8,100 59,800 100,000 30,000 57,100 $312,900 $297,100 9,500 31,750 6,350 $25,400 40,300 5,000 153,200 (35,000) 12/31/24 $7,000 51,500 17,900 60,500 3,900 131,200 (24,700) $46,000 $40,000 6,000 4,000 10,100 69,200 Dividends in the amount of $6,100 were declared and paid during 2025. 2. Depreciation expense and amortization expense are included in operating expenses. No unrealized gains or losses have occurred on the investments during the year. Equipment that had a cost of $20,200 and was 70% depreciated was sold during 2025. 100,000 30,000 37,800 : 1
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Transcribed Image Text:$ $ : SUPPORT
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