Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Constable, Inc. had the following transactions during 2022: 1. Issued $215,000 of par value common stock for cash. 2. Recorded and paid wages expense

Constable, Inc. had the following transactions during 2022: 1. Issued $215,000 of par value common stock for 

Constable, Inc. had the following transactions during 2022: 1. Issued $215,000 of par value common stock for cash. 2. Recorded and paid wages expense of $103,600. 3. Acquired land by issuing common stock of par value $85.000. 4. Declared and paid a cash dividend of $17,100. 5. Sold a long term investment (cost $5.510) for cash of $5.510. 6. Recorded cash sales of $680.000. 7. Bought inventory for cash of $273.500. 8. Acquired an investment in Zynga stock for cash of $36,890. 9. Converted bonds payable to common stock in the amount of $880,000 10. Repaid a 6-year note payable in the amount of $379,500. What is the net cash provided by (or used by) investing activities? (If it is not cash used by investing activities, enter the answer as a negative number by putting a negative () sign before the answer).

Step by Step Solution

3.18 Rating (140 Votes )

There are 3 Steps involved in it

Step: 1

SOLUTION To determine the net cash provided by or used by investing activities we need to identify the relevant transactions related to investments Lets analyze the given transactions 1 Issued 215000 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions