Question
Based on the following information, how much cash was provided (used) by Operating, Investing, and Financing Activities Net Income for the year was $545,000, which
Based on the following information, how much cash was provided (used) by Operating, Investing, and Financing Activities
Net Income for the year was $545,000, which includes a gain of $10,000 from the sale of equipment that originally cost $100,000 and had a net book value of $25,000.
Cash increased $300,000, Accounts Receivable decreased $25,000, Inventory increased $50,000, Equipment increased $150,000, Accumulated Depreciation decreased $25,000.
Accounts Payable decreased $20,000, Salaries Payable decreased $15,000, Long-Term Notes Payable increased $100,000.
Repaid $250,000 of notes payable and borrowed additional funds by issuing notes.
Contributed Capital did not change, Retained Earnings increased $435,000.
Cash flow help! Thank you!
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