Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Leftwich Industries financial data follows. All balances are normal. Dec. 31, 2024 Dec. 31, 2023 Change 2024 Cash $ 65,000 $20,000 $ 45,000 Sales revenue

Leftwich Industries financial data follows. All balances are normal. Dec. 31, 2024 Dec. 31, 2023 Change 2024 Cash $ 65,000 $20,000 $ 45,000 Sales revenue $6,300,000 Accounts receivable 110,000 115,000 (5,000) Cost of sales 5,400,000 Inventory 79,000 90,000 (11,000) Salaries expense 500,000 Equipment 420,000 550,000 (130,000) Depreciation expense 100,000 Accum. depreciation 180,000 160,000 20,000 Interest expense 10,000 Accounts payable 20,000 50,000 (30,000) Loss on sale of equipment 15,000 Deferred revenue 50,000 20,000 30,000 Income tax expense 25,000 Accrued salaries 10,000 5,000 5,000 Net income $ 250,000 Taxes payable 15,000 4,000 11,000 Long-term notes pay. 155,000 120,000 35,000 Common stock 200,000 250,000 (50,000) Retained earnings 44,000 166,000 (122,000) b. What was Leftwich's cash from investing activities in 2024? Explain.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The detailed answer for the above question is provided below To calculate the cash flow from investi... 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

Advanced Accounting

Authors: Gail Fayerman

1st Canadian Edition

9781118774113, 1118774116, 111803791X, 978-1118037911

More Books

Students also viewed these Accounting questions

Question

Compute Paasches index for 2013 using 2000 as the baseperiod.

Answered: 1 week ago