Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2019 2020 2019 2020 Cash $2,200 $1,000 Accounts payable $3,100 $2,800 Accounts receivable $4,600 $8,200 Utilities payable $1,100 $1,800 Inventory $3,100 $7,200 Wages payable $500
2019 | 2020 | 2019 | 2020 | |||||
Cash | $2,200 | $1,000 | Accounts payable | $3,100 | $2,800 | |||
Accounts receivable | $4,600 | $8,200 | Utilities payable | $1,100 | $1,800 | |||
Inventory | $3,100 | $7,200 | Wages payable | $500 | $1,600 | |||
Prepaid insurance | $800 | $1,600 | Notes payable | $14,000 | $16,000 | |||
Equipment | $36,000 | $36,000 | Interest payable | $2,000 | $3,200 | |||
Accum. depreciation | ($14,000) | ($15,200) | Common stock | $9,000 | $9,000 | |||
Land | $7,600 | $10,200 | Retained earnings | $10,600 | $14,600 | |||
$40,300 | $49,000 | $40,300 | $49,000 |
How much were financing cash flows during 2020 if net income was $87,000?
A. $2,000
B. $89,000
C. ($81,000)
D. ($83,000)
E. None of the above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started