Question
Below are balance sheet and income statement data for Howard Bannister Company. Note:For the balance sheet data, theend-of-yearinformation is in theleft column . Balance Sheet
Below are balance sheet and income statement data for Howard Bannister Company.Note:For the balance sheet data, theend-of-yearinformation is in theleft column.
Balance Sheet Data
20X220X1
AccountsPayable................................................................................................95.............................................................165
AccumulatedDepreciation................................................................................520...........................................................339
Cash................................................................................................................130..........................................................100
CommonStock..............................................................................................1,000.........................................................700
DIVIDENDSPAYABLE.........................................................................................40............................................................25
Equipment.........................................................................................................2,395.......................................................2,700
Income TaxPayable..........................................................................................100............................................................135
Inventory..........................................................................................................1,120...........................................................890
MortgagePayable..............................................................................................900.........................................................1,500
Prepaid GeneralExpenses...............................................................................300.............................................................350
Retained Earnings (ending balance, afterclosing)......................................1,240......................................................1,098
Unearned SalesRevenue..................................................................................50............................................................78
Income Statement Data (for 20X2)
Sales...................................................................................................................................10,000
Cost of GoodsSold.............................................6,000
GeneralExpenses...............................................2,000
DepreciationExpense...........................................330
Loss on Sale ofPPE................................................100
Income TaxExpense.............................................700
TotalExpenses9,130
NetIncome...............................................................................................................................870
Additional Information:
a.Equipment with a (net) book value of $300 was sold during 20X2.
b.All accounts payable relate to inventory purchases.
c.Equipment costing $60 was purchased with a mortgage during 20X2. This fact is already reflected in the balance sheet numbers reported above. All other purchases of Equipment in 20X2 were cash transactions.
Part 1:Compute the amount of Cash Paid for Inventory Purchases in 20X2.
Part 2:Compute thetotalCASH FROMOPERATINGACTIVITIES in 20X2.
Part 3:Compute thetotalCASH FROMINVESTINGACTIVITIES in 20X2.
Part 4:Compute the CASH PAID FORDIVIDENDSin 20X2.
For each question, write the dollar amount of your answer.(Do not write the dollar sign.)
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