Question
2018 2017 Current Assets: Cash $100,000 $24,000 Accounts Receivable 63,900 69,600 Merchandise Inventory 87,000 82,000 Current Liabilities: Accounts Payable 57,900 55,600 Income Tax Payable 14,200
2018 | 2017 | |
Current Assets: | ||
Cash | $100,000 | $24,000 |
Accounts Receivable | 63,900 | 69,600 |
Merchandise Inventory | 87,000 | 82,000 |
Current Liabilities: | ||
Accounts Payable | 57,900 | 55,600 |
Income Tax Payable | 14,200 | 17,100 |
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Transaction Data for 2018: | |||
Issuance of common stock for cash | $35,000 | Payment of notes payable | $45,100 |
Depreciation expense | 20,000 | Payment of cash dividends | 45,000 |
Purchase of equipment with cash | 72,000 | Issuance of notes payable to borrow cash | 57,000 |
Acquisition of land by issuing long-term notes payable | 113,000 | Gain on sale of building | 6,500 |
Book value of building sold | 60,000 | Net income | 66,000 |
Morston, Inc. | |||
Statement of Cash Flows | |||
Year Ended December 31, 2018 | |||
Cash Flows from Operating Activities: | |||
Net Income | |||
Adjustments to Reconcile Net Income to Net Cash | |||
Provided by (Used for) Operating Activities: | |||
Net Cash Provided by (Used for) Operating Activities | |||
Cash Flows from Investing Activities: | |||
Net Cash Provided by (Used for) Investing Activities |
Cash Flows from Financing Activities: |
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Net Cash Provided by (Used for) Financing Activities |
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Net Increase (Decrease) in Cash |
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Cash Balance, December 31, 2017 |
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Cash Balance, December 31, 2018 |
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Non-cash Investing and Financing Activities: |
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Total Non-cash Investing and Financing Activities |
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