Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mike Company has prepared the following Balance Sheets for 2023 and 2022. 12/31/23 12/31/22 Cash $ 61 $ 42 Accounts receivable 41 40 Fixed assets
Mike Company has prepared the following Balance Sheets for 2023 and 2022.
| 12/31/23 |
| 12/31/22 |
|
Cash | $ 61 |
| $ 42 |
|
Accounts receivable | 41 |
| 40 |
|
Fixed assets | 579 |
| 465 |
|
Accumulated depreciation | (175) |
| (140) |
|
| $506 |
| $407 |
|
|
|
|
|
|
Accounts payable | $ 74 |
| $ 140 |
|
Mortgage payable | 40 |
| 19 |
|
Preferred stock | 161 |
| 100 |
|
Additional Paid-In Capital - preferred | 70 |
| 40 |
|
Common stock | 100 |
| 100 |
|
Retained earnings | 61 |
| 8 |
|
| $506 |
| $407 |
|
- On 8/1/23, Mike sold a fixed asset with a cost of $91 and book value of $66 for $70.
- Retained Earnings was adjusted by dividends and net income only.
- Net Income in 2023 was $80.
a. Net Cash Provided by Operations is $______________
b. Net Cash Used by Investments is $_______________
c. Net Cash Provided by Financing is $______________
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