Answered step by step
Verified Expert Solution
Question
1 Approved Answer
During 2019 the Porter Company had a net income of 63,000. Below is information sample information taken from a Porter's last two balance sheets: 2018
During 2019 the Porter Company had a net income of 63,000. Below is information sample information taken from a Porter's last two balance sheets: 2018 2019 Accounts Receivable (all current) Accounts Payable (all current) Long-Term Note Receivable 50,000 4,000 10,000 105,000 60,000 54,000 3,000 0 Land 96,000 60,000 Equipment Accumulated Depre Common Stock 2,500 40,000 5,000 55,000 iation, Equipment Additional information for 2019: 1. Long-term notes receivable related to a loan Porter made to another business entity in the amount of $10,000 were paid back in cash before maturity. 2. Porter sold a piece of land at a $500 loss. No other land was purchased during the period 3. Dividends in the amount of $2,000 were paid during the year What was the net cash inflow from investing activities for 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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