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ABC Company ended Year 1 with the following account balances: Cash $700, Common Stock $520, and Retained Earnings $270. The following transactions occurred during Year
ABC Company ended Year 1 with the following account balances: Cash $700, Common Stock $520, and Retained Earnings $270. The following transactions occurred during Year 2: Issued common stock for $17,400 cash. ABC borrowed an additional $10,100 from Chris Bank. ABC earned $8,300 of revenue on account. ABC incurred $3,200 of operating expenses on account. Cash collections of accounts receivables were $7,000. ABC provided additional services to customers for $2,000 cash. ABC purchased land for $12,500. ABC used $2,300 in cash to make a partial payment on its accounts payable. ABC declared and paid a $270 dividend to the stockholders. On December 31 ABC had accrued salaries of $3,900. What is the net cash flow from operating activities shown on the statement of cash flows for the year ending December 31, Year 2? Multiple Choice None of these answer choices is correct. $7,000 $6,430 $6,700
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