Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

15) Alabama, Inc. reported net income of $80,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $10,800 and

image text in transcribed

15) Alabama, Inc. reported net income of $80,000 for the year ended December 31, 2021. Included in net income were depreciation expense of $10,800 and a gain on sale of equipment of $2,400. The equipment had an historical cost of $70,000 and accumulated depreciation of $55,000. Each of the following accounts increased during 2021: Land Prepaid rent Bonds payable $15,000 $18,600 $20,000 Accounts Receivable $10,000 What is the amount of cash provided by or used by investing activities for Alabama, Inc. for the year ended December 31, 2021? 16) Green Co. provided the following information on selected transactions during 2021: Purchase of land by issuing bonds $1,800,000 Proceeds from issuing bonds 3,500,000 Purchases of inventory 4,200,000 Purchases of treasury stock 550,000 Dividends paid to common stockholders 250,000 Proceeds from issuing common stock 2,200,000 Proceeds from sale of equipment 250,000 The net cash provided (used) by financing activities during 2021 is

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

9th Edition

0132567245, 9780132567244

More Books

Students also viewed these Accounting questions

Question

Write short notes on Interviews.

Answered: 1 week ago

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago