Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A comparative balance sheet for Talkington Corporation is presented below. December 31Assets20172016 Cash$68,000$22,000Accounts receivable82,00066,000Inventory170,000189,000Land71,000110,000Equipment280,000200,000Accumulated depreciation-equipment(74,000)(42,000)Total$597,000$545,000 Liabilities and Stockholders' Equity Accounts payable$34,000$47,000Bonds payable150,000200,000Common stock ($1 par)164,000164,000Retained

A comparative balance sheet for Talkington Corporation is presented below.

December 31Assets20172016Cash$68,000$22,000Accounts receivable82,00066,000Inventory170,000189,000Land71,000110,000Equipment280,000200,000Accumulated depreciation-equipment(74,000)(42,000)Total$597,000$545,000Liabilities and Stockholders' EquityAccounts payable$34,000$47,000Bonds payable150,000200,000Common stock ($1 par)164,000164,000Retained earnings249,000134,000Total$597,000$545,000

Additional information:

1.Net income for 2017 was $155,000; there were no gains or losses.2.Cash dividends of $40,000 were declared and paid.3.Bonds payable of $50,000 were retired.

Compute each of the following:

1.Net cash provided by operating activities$2.Net cash provided (used) by investing activities$3.Net cash provided (used) by financing activities$

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

15th edition

978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290

More Books

Students also viewed these Accounting questions

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago