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13. Cash flow from operating activities would be: A. $202,600 D. $63,400 B. $205,400 E. None of the above C. $62,600 14. Cash flows from
13. Cash flow from operating activities would be:
A. $202,600 D. $63,400
B. $205,400 E. None of the above
C. $62,600
14. Cash flows from investing activities would be
A. $(138,600)
B. $(195,600) D. $(160,600)
C. $(159,200) E. None of the above
15. Cash flows from financing activities would be
A. $10,000
B. $20,000 D. $(40,000)
C. $(20,000) E. None of the above
Use the following information about Kipker's Kegs to answer the remaining questions. Kipkec's Kegs Incorporated COMPARATIVE BALANCE SHEET As of December 31, 20x1 and 20x0 Cash Accounts receivable Inventory Prepaid expenses Long Term Investments Land Building, net Equipment, net Total assets 12/31/x1 $ 40,000 94,000 106,000 6,000 38,000 160,000 515,000 360,000 $1,319,000 12/31/x0 $ 18,000 136,000 126,000 9,000 16,000 76,000 550,000 340,000 $1,271,000 Accounts payable Accrued liabilities Income tax payable Interest payable Bank notes payable Bonds payable Common stock, no par Retained earnings Total liabilities and equity $ 130,000 44,000 0 9,000 10,000 160,000 750,000 216,000 $1,319,000 $ 97,000 36,000 12,000 6,000 15,000 175,000 730,000 200,000 $1,271,000 Kipker's Kegs Incorporated INCOME STATEMENT For the Year Ended December 31, 20x1 Sales Cost of goods sold Operating expenses Operating income Gain on sale of equipment Interest expense Income tax expense Net income $670,000 (317,600) (296,000) 56,400 1,400 49,000) (10,000) $36.000 Other information: 1) Depreciation expense is $71,000-$35,000 for the building and $36,000 for the equipment. 2) Long-term investments were purchased for $22,000. 3) Equipment were purchased for $70,000. 4) A $5,000 principal payment was made on the long-term note. A $15,000 payment was made on the note payable. 5) Dividends of $20,000 were declared and paid. 6) Common stock was issued. Use the following information about Kipker's Kegs to answer the remaining questions. Kipkec's Kegs Incorporated COMPARATIVE BALANCE SHEET As of December 31, 20x1 and 20x0 Cash Accounts receivable Inventory Prepaid expenses Long Term Investments Land Building, net Equipment, net Total assets 12/31/x1 $ 40,000 94,000 106,000 6,000 38,000 160,000 515,000 360,000 $1,319,000 12/31/x0 $ 18,000 136,000 126,000 9,000 16,000 76,000 550,000 340,000 $1,271,000 Accounts payable Accrued liabilities Income tax payable Interest payable Bank notes payable Bonds payable Common stock, no par Retained earnings Total liabilities and equity $ 130,000 44,000 0 9,000 10,000 160,000 750,000 216,000 $1,319,000 $ 97,000 36,000 12,000 6,000 15,000 175,000 730,000 200,000 $1,271,000 Kipker's Kegs Incorporated INCOME STATEMENT For the Year Ended December 31, 20x1 Sales Cost of goods sold Operating expenses Operating income Gain on sale of equipment Interest expense Income tax expense Net income $670,000 (317,600) (296,000) 56,400 1,400 49,000) (10,000) $36.000 Other information: 1) Depreciation expense is $71,000-$35,000 for the building and $36,000 for the equipment. 2) Long-term investments were purchased for $22,000. 3) Equipment were purchased for $70,000. 4) A $5,000 principal payment was made on the long-term note. A $15,000 payment was made on the note payable. 5) Dividends of $20,000 were declared and paid. 6) Common stock was issued
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