Question
Below are balance sheet and income statement data for Howard Bannister Company. Note: For the balance sheet data, the end-of-year information is in the left
Below are balance sheet and income statement data for Howard Bannister Company. Note: For the balance sheet data, the end-of-year information is in the left column.
Balance Sheet Data
20X2 | 20X1 | |
Accounts Payable | 165 | 95 |
Accumulated Depreciation | 520 | 339 |
Cash | 200 | 100 |
Common Stock | 1,000 | 700 |
DIVIDENDS PAYABLE | 40 | 25 |
Equipment | 2,700 | 2,395 |
Income Tax Payable | 100 | 135 |
Inventory | 1,120 | 890 |
Mortgage Payable | 900 | 1,265 |
Prepaid General Expenses | 300 | 350 |
Retained Earnings (ending balance, after closing) | 1,545 | 1,098 |
Unearned Sales Revenue | 50 | 78 |
Income Statement Data (for 20X2)
Sales | 10,000 | |
Cost of Goods Sold | 6,000 | |
General Expenses | 2,000 | |
Depreciation Expense | 330 | |
Loss on Sale of PPE | 100 | |
Income Tax Expense | 700 | |
Total Expenses | 9,130 | |
Net Income | 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 $160 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.
Compute the total CASH FROM INVESTING ACTIVITIES in 20X2
net inflow of $300 | ||
net outflow of $343 | ||
net outflow of $305 | ||
net outflow of $354 | ||
net outflow of $394 | ||
net inflow of $55 | ||
net outflow of $554 | ||
net outflow of $105 |
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