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It says i'm missing something but I don't know what... GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported
It says i'm missing something but I don't know what...
GolfGear & More, Inc., is a regional and online golf equipment retailer. The company reported the following for the current year: Purchased a long-term investment for cash, $25,200. Paid cash dividend, $13,700. Sold equipment for $14,500 cash (cost, $38,000, accumulated depreciation, $23,500). Issued shares of no-par stock, 400 shares at $12 per share cash. Net income was $28,700. Depreciation expense was $4,700. Its comparative balance sheet is presented below. Cash Accounts receivable Merchandise inventory Investments Equipment Accumulated depreciation Total Accounts payable Wages payable Income taxes payable Notes payable Common stock and additional paid-in capital Retained earnings Total Balances Balances 12/31/Current 12/31/Prior Year Year 23,100 27,300 39,000 39,000 85,200 76,500 25, 200 0 85,000 123,000 (14,900) (33,700) 242,600 232,100 $ 15,700 $ 25,500 3,200 5,900 7,900 4,700 71,000 71,000 104,800 100,000 40,000 25,000 $ 242,600 $232,100 Required: 1. Complete a T-account worksheet. Cash Operating Net income 28,700 4,700 Depreciation expense Income taxes payable 8,700 Inventory 9,800 Accounts payable 2,700 Wages payable 3,200 Net cash provided by operating activities 15,400 Investing Sale of equipment 14,500 25,200 Purchase investment 10,700 Net cash used in investing activities Financing Proceeds from stock issuance 4,800 13,700 Payment of dividends 8,900 Net cash used in financing activities 4,200 Net decrease in cash and cash equivalentsStep by Step Solution
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