Answered step by step
Verified Expert Solution
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
- How much is cash flows from financing activities?
- How much is the net change in the cash account during the year?
- How much is the ending cash balance?
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
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
