Question
2019 2020 2019 2020 Cash $2,000 $1,600 Accounts payable $4,000 $3,500 Accounts receivable $4,200 $4,500 Utilities payable $800 $1,500 Inventory $2,600 $4,000 Salaries payable $2,200
| 2019 | 2020 | 2019 | 2020 | |||||
| Cash | $2,000 | $1,600 | Accounts payable | $4,000 | $3,500 | |||
| Accounts receivable | $4,200 | $4,500 | Utilities payable | $800 | $1,500 | |||
| Inventory | $2,600 | $4,000 | Salaries payable | $2,200 | $2,600 | |||
| Prepaid rent | $800 | $500 | Notes payable | $10,000 | $9,000 | |||
| Equipment | $24,000 | $24,000 | Interest payable | $600 | $900 | |||
| Accum. depreciation | ($2,200) | ($2,800) | Common stock | $18,000 | $18,000 | |||
| Land | $10,000 | $6,500 | Retained earnings | $5,800 | $2,800 | |||
| $41,400 | $38,300 | $41,400 | $38,300 | |||||
What are investing cash flows for 2020 if land that had been purchased in a prior year was sold during 2020 for $6,000, which was a $2,000 gain?
A. $5,500
B. ($500)
C. $2,000
D. $6,000
E. None of the above
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
9780077862367
