Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this question. thanks Remaining Time: 1 hour, 39 minutes, 19 seconds. Question Completion Status: Track Inc Income Statement For the Year

I need help with this question. thanks

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Remaining Time: 1 hour, 39 minutes, 19 seconds. Question Completion Status: Track Inc Income Statement For the Year Ended December 31, 2019 Revenues $300,000 Gain on sale of land 10,000 Total revenues 310,000 Expenses: Cost of goods sold Operating expenses Depreciation expense 120,000 25.000 47,000 16,000 12.000 Interest expense Income tax expense Total expenses 220.000 $90.000 Net Income Track Inc Balance Sheet For the Year Ended December 31, 2019 2019 2018 Assets 99. Track Inc Balance Sheet For the Year Ended December 31, 2019 Assets 2019 Current Assets: 2018 Cash $363,000 Accounts receivable $187,000 83,000 95.000 121,000 138,000 Inventory Prepaid rent Long-Term Assets: Investment in stock 7,000 5,000 186.000 100,000 Land 170,000 260.000 305.000 225.000 -147.000 - 100.000 $1,088,000 5910,000 Equipment Accumulated depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable income tax payable $40.000 $58.000 1.000 2.000 12.000 10.000 LUS Prepaid rent Long-Term Assets: 7,000 5,000 Investment in stock 186,000 100,000 Land 170,000 260,000 305,000 225,000 Equipment Accumulated depreciation Total Assets Liabilities and Stockholders' Equity -147,000 -100,000 $1,088,000 $910,000 Current Liabilities: $40,000 $58,000 1,000 2,000 Accounts payable Interest payable Income tax payable Long-Term Liabilities: Notes payable Stockholders' Equity: 12,000 10,000 285,000 205,000 Common stock 400,000 350,000 350,000 Retained earnings Total Liabilities and Equity 285.000 $1,088,000 $910,000 Additional information for 2019: Question Completion Status: Additional Information for 2019: 1. Purchase additional investment in stocks for $86,000. 2. Sell land costing $90,000 for $100,000 resulting in a $10,000 gain on sale of land. 3. Issue common stock in exchange for cash $50,000. 4. Declared and paid a cash dividend of $25,000. 5. Purchase $80,000 in equipment by borrowing $80,000 with a note payable due in three years. No cash is exchanged in the transaction. What is the cash flows from operating activities? What is the cash flows from investing activities? What is the cash flows from financing activities? What is the cash flow from non-cash activities? Click Submit to complete this assessment. Save

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_2

Step: 3

blur-text-image_3

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

University Auditing In The Digital Era Challenges And Lessons For Higher Education Professionals And CAEs

Authors: Sezer Bozkus Kahyaoglu; Erman Coskun

1st Edition

0367553228, 9780367553227

More Books

Students also viewed these Accounting questions