Please provide answer in text (Without image) Sage Inc., a greeting card company, had the following statements prepared as of December 31, 2025.CashAccounts receivableShort-term debt investments (available-for-sale)InventoryPrepaid rentEquipmentSage Inc.Comparative Balance SheetAs of December 31, 2025 and 2024Accumulated depreciation-equipmentCopyrightsTotal assetsAccounts payableIncome taxes payableSalaries and wages payableShort-term loans payableLong-term loans payableCommon stock, $10 parPaid-in capital, common stock.Retained earningsTotal liabilities and stockholders' equity12/31/25$6,10061,60034,90039,9005,000154,100(35,000)45,5004,0008,1007,90060,500100,00030,00012/31/2455,800$312,100$7,000$312,100 $297,00051,500$45,800 $39,900▬▬18.10060,400SAGE INC.STATEMENT OF CASH FLOWS4,100130,300(24,900)50,5006,0004,00010,00069,300100,00030,00037,800$297,000✔Sales revenueCost of goods soldGross profitOperating expensesOperating incomeInterest expenseGain on sale of equipmentSage Inc.Income StatementFor the Year Ending December 31, 2025Income before taxIncome tax expenseNet incomeAdditional information:1.3.Prepare a statement of cash flows using the direct method. (Do not prepare a reconciliation schedule.) (Show amounts in the investand financing sections that decrease cash flow with either a-sign eg.-15,000 or in parenthesis eg. (15,000))4.$11,5002,000$333,000174,000159,000119,50039,5009,500Dividends in the amount of $6,000 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 $20,100 and was 70% depreciated was sold during 2025.30,0006,000$24,000

Statement of Cash Flow is a financial statement that includes inflow and outflow of cash during the…

Sage Inc, a greeting card company, had the following statements prepared as of December 31, 2025. Cash Sage Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment 12/31/25 $6,100 61,600 34,900 39.900 5,000 154,100 (35,000) 12/31/24 $7,000 51,500 18.100 60,400 4,100 130,300 (24,900) Sage Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense $11,500 2,000 $333,000 174,000 159,000 119,500 39,500 9,500 30,000 6,000

Sage Inc, a greeting card company, had the following statements prepared as of December 31, 2025. Cash Sage Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment 12/31/25 $6,100 61,600 34,900 39.900 5,000 154,100 (35,000) 12/31/24 $7,000 51,500 18.100 60,400 4,100 130,300 (24,900) Sage Inc. Income Statement For the Year Ending December 31, 2025 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense $11,500 2,000 $333,000 174,000 159,000 119,500 39,500 9,500 30,000 6,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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