%24 %24 Assets 2020 2019 Cash $63,920 $20,680 Accounts receivable 77,080 62,040 Inventory 159,800 177,660 Land...

%24 %24 Assets 2020 2019 Cash $63,920 $20,680 Accounts receivable 77,080 62,040 Inventory 159,800 177,660 Land 66,740 103,400 Equipment 263,200 188,000 Accumulated depreciation-equipment (69,560) (39,480) Total $561,180 $512,300 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) $31,960 $44,180 141,000 188,000 154,160 154,160 Retained earnings 234,060 125,960 Total $561,180 $512,300 Additional information: 1. Net income for 2020 was $145,700; there were no gains or losses. 2. Cash dividends of $37,600 were declared and paid. 3. Bonds payable of $47,000 were retired. Compute each of the following: (Show amounts that decrease cash flow with either 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities Wiley & Sons,

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Expert Solution

Cash Flows from Operating Activities
Net Income	145,700
Adjustments to reconcile net income to Net Cash flows from Operating Activities
Depreciation Expense	30,080
Increase in Account receivable	-15,040
Decrease in Accounts payable	-12,220
Decrease in Inventory	17,860
Net Cash flows from operating activities		166,380

Cash flows from Investing Activities
sale of land	36,660
Purchase of Equipment	-75,200
Net Cash flows from Investing Activities		-38,540

Cash flows from Financing Activities
Bonds payable retired	-47,000
Payment of Dividend	-37,600
Net cash flows from Financing Activities		-84,600

ekkarill92 answered 1 year ago

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