Question
Katies Beauty shop Inc. had the following transactions in May 2014. Depreciation expense was 79,000 Net income was 155,000 AR increased by
Katie’s Beauty shop Inc. had the following transactions in May 2014.
Depreciation expense was 79,000
Net income was 155,000
AR increased by 10,000
Inventory decreased by 25,000
Sold a building for 800,000,
Purchased Land for 320,000
Prepaid rent increased by 22,500
Sold common stock for 120,000
Repaid a note payable for 68,900
AP increased by 22,000
Income tax payable decreased by 12,000
Collected on a note receivable 75,600
Loss on the sale of equipment was 2,000
Using the information above prepare the operating, investing and financing sections of the statement of cash flows
BONUS 3 points: Using the information above, what was the change in cash.
$798,100
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Oper ating activities Net income 155 000 Dep reciation expense 79 000 L oss on sale of equipment 2 0...Get Instant Access to Expert-Tailored Solutions
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Accounting Information Systems
Authors: Ulric J. Gelinas, Richard B. Dull
10th edition
9781305176218, 113393594X, 1305176219, 978-1133935940
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