Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
DECAT 201> DET ZUTU Assets Cash $246,980 89,470 $230,810 82,900 245,420 252,570 0 95,090 Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets
DECAT 201> DET ZUTU Assets Cash $246,980 89,470 $230,810 82,900 245,420 252,570 0 95,090 Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets 129,550 0 278,670 (65,240) $932,000 216,990 (58,510) $812,700 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $168,690 $160,100 Accrued expenses payable (operating expenses) 16,780 21,130 Dividends payable 9,320 7,310 Common stock, $10 par 50,330 39,820 Paid-in capital in excess of par-common stock 189,200 110,530 Retained earnings 497,680 473,810 Total liabilities and stockholders' equity $932,000 $812,700 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $111,260 cash. d. The common stock was issued for cash. e. There was a $62,070 credit to retained Earnings for net income. f. There was a $38,200 debit to Retained Earnings for cash dividends declared. eDUUN For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Net income 62,070 6,730 -16171 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Loss on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends bi mi m Net cash flow from financing activities Ou Cash balance, January 1, 2049 Cash balance, December 31, 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started