Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Delphin Company provided the following information for 2014: Collection of principal on long-term loan to a supplier $35,000 Acquisition of equipment for cash $10,000 Proceeds

Delphin Company provided the following information for 2014:

Collection of principal on long-term loan to a supplier $35,000
Acquisition of equipment for cash $10,000
Proceeds from the sale of long-term investment at book value $27,000
Issuance of common stock for cash $20,000
Net income for the year was $35,000.
Depreciation expense was $25,000.
Redeemed bonds payable $24,000.
Paid cash dividends $9,000.
Purchased land by issuing bonds payable $40,000
Accounts receivable increased $5,000.
Prepaid expenses increased $4,000.
Accounts payable increased $6,000.
Salaries payable decreased $3,000.
The beginning cash balance was $14,000.

Show work please

  1. How much is cash flows from financing activities?
  2. How much is the net change in the cash account during the year?
  3. How much is the ending cash balance?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Accounting Information Systems

Authors: Robert Hurt

2nd Edition

78111056, 978-0078111051

More Books

Students also viewed these Accounting questions

Question

Why does ATP production require an intact mitochondrial membrane?

Answered: 1 week ago

Question

Identify reasons for choosing qualitative methods.

Answered: 1 week ago

Question

4. What means will you use to achieve these values?

Answered: 1 week ago