1 XL Axiata 10.20 7 31% Soal No. 1 REYNOLDS GOURMET FOODS COMPANY Comparative Balance Sheets December 31 Assets 2019 2018 Cash $ 64,000 $ 47,000 Accounts receivable 78,000 40,000 Inventories 64,000 30,000 Prepaid expenses 4,000 6,000 203,000 Equipment Accumulated depreciation equipment 177,000 (10,000) (28,000) Totals $ 385,000 $ 290,000 Liabilities and Stockholders' Equity Accounts payable $ 23,000 $ 30,000 10,000 -O- Accrued expenses payable Bonds payable 110,000 120,000 120,000 50,000 Common stock Retained earnings 122,000 90,000 Totals $385,000 $ 290,000 1 of 5 Take Control 1 XL Axiata 10.21 @ 1 30% REYNOLDS GOURMET FOODS COMPANY Revenues Cost of goods sold Gross Profit Income Statement For the Year Ended December 31, 2019 $ 690,000 S365.000 $325.000 Operatine expenses Interest expense Loss on sale of equipment $ 175,000 12,000 2.000 $ 235.000 $ 90,000 income from operations income tax expense Net income 22.500 $ 67,500 Additional information: 1. Operating expenses include depreciation expense of $ 18,000 2. Cash dividends of $ 35,000 were declared and paid in 2009. 4. Interest expense of $ 12,000 was paid in cash. 5. Common stock of $130,000 was issued for cash. 6. Accounts payable pertain to merchandise suppliers. Instruction: . Determine net cash provided/used by operating activities by adjusting net income for items that did not affect cash. Determine net cash provided/used by investing activities. Determine net cash provided/used by financing activities