Question
Luke Corporation is a manufacturer of home furnishings. Selected financial information about Luke is listed below: Borrowed $850,000 from a bank. Purchased equipment for $210,000
Luke Corporation is a manufacturer of home furnishings. Selected financial information about Luke is listed below:
Borrowed $850,000 from a bank. | |
| Purchased equipment for $210,000 in cash. |
Purchase investments for $285,000. | |
Received dividends of $51,000 from an investment in Davis Corp. | |
Paid dividends of $55,000. | |
Issued shares of preferred stock for $500,000. | |
| Repurchased outstanding common shares using $100,000 in cash. |
Purchased land for $100,000 cash. | |
Paid $36,000 interest expense on a bank loan. | |
Increased Inventories by $320,000 | |
Increased accounts receivable by $217,000. | |
Increased accounts payable $85,000. |
Use the above information to calculate Lukes:
a. | cash used or provided by investing activities |
b. | cash used or provided by financing activities
|
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