Danton Corporation has provided the following information for the year ended December 31, 2024. Danton Corporation Comparative Balance Sheet December 31, 2024 and 2023 Increase 2024 2023 (Decrease) Cash $52,000 $13,000 $39,000Accounts Receivable 30,000 36,000 (6,000)Merchandise Inventory 50,000 29,000 21,000Plant Assets, net 102,000 97,000 5,000Total Assets $234,000 $175,000 $59,000 Accounts Payable $9,000 $13,000 $(4,000)Accrued Liabilities 7,000 3,000 4,000Long-term Notes Payable 69,000 79,000 (10,000)Total Liabilities 85,000 95,000 (10,000) Common Stock 50,000 8,000 42,000Retained Earnings 111,000 78,000 33,000Treasury Stock (12,000) (6,000) (6,000)Total Stockholders' Equity 149,000 80,000 69,000Total Liabilities and Stockholders' Equity $234,000 $175,000 $59,000 Diamond Corp Income Statement Year ended December 31, 2024Sales Revenue $290,000Interest Revenue 1,000Gain on Sale of Plant Assets 1,000Total Revenues and Gains $292,000Cost of Goods Sold 145,000Salaries and Wages Expense 49,000Depreciation Expense—Plant Assets 10,000Other Operating Expense 25,000Interest Expense 3,500Income Tax Expense 7,000Total Expenses 240,000Net Income $51,000 Additional information provided by the company includes the following:Equipment costing $30,000 was purchased for cash.Equipment with a net book value of $15,000 was sold for $16,000.Depreciation expense of $10,000 was recorded during the year.During 2024, the company repaid $40,000 of long-term notes payable.During 2024, the company borrowed $30,000 on a new long-term note payable.Common Stock was issued for cash.There were no stock retirements during the year.There were no sales of treasury stock during the year.All sales are on credit. Prepare the 2024 statement of cash flows, using the indirect method.

Question

Danton Corporation has provided the following information for the year ended December 31, 2024.                                                     Danton Corporation                                              Comparative Balance Sheet                                              December 31, 2024 and 2023                                                                                                                                                                                          Increase                                                                                  2024                                                                                  2023  (Decrease) Cash                                                                     $52,000                                                                              $13,000       $39,000Accounts Receivable                                            30,000                                                                                36,000         (6,000)Merchandise Inventory                                       50,000                                                                                29,000         21,000Plant Assets, net                                                 102,000                                                                                97,000           5,000Total Assets                                                      $234,000                                                                            $175,000       $59,000 Accounts Payable                                                 $9,000                                                                              $13,000       $(4,000)Accrued Liabilities                                                 7,000                                                                                 3,000           4,000Long-term Notes Payable                                   69,000                                                                                79,000       (10,000)Total Liabilities                                                     85,000                                                                                95,000       (10,000) Common Stock                                                     50,000                                                                                 8,000         42,000Retained Earnings                                              111,000                                                                                78,000         33,000Treasury Stock                                                   (12,000)                                                                               (6,000)         (6,000)Total Stockholders' Equity                               149,000                                                                               80,000          69,000Total Liabilities and Stockholders' Equity    $234,000                                                                           $175,000        $59,000                                                   Diamond Corp                                              Income Statement                                   Year ended December 31, 2024Sales Revenue                                                  $290,000Interest Revenue                                                    1,000Gain on Sale of Plant Assets                                 1,000Total Revenues and Gains                                                   $292,000Cost of Goods Sold                                            145,000Salaries and Wages Expense                              49,000Depreciation Expense—Plant Assets                10,000Other Operating Expense                                   25,000Interest Expense                                                    3,500Income Tax Expense                                             7,000Total Expenses                                                                        240,000Net Income                                                                              $51,000 Additional information provided by the company includes the following:Equipment costing $30,000 was purchased for cash.Equipment with a net book value of $15,000 was sold for $16,000.Depreciation expense of $10,000 was recorded during the year.During 2024, the company repaid $40,000 of long-term notes payable.During 2024, the company borrowed $30,000 on a new long-term note payable.Common Stock was issued for cash.There were no stock retirements during the year.There were no sales of treasury stock during the year.All sales are on credit. Prepare the 2024 statement of cash flows, using the indirect method.

Accepted Answer

Cash Flow Statement -
Cash Flow Statement is a financial statement that includes inflow and outflow…