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Please answer both questions ((don't have much questions left)) Use the following Financial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial Position
Please answer both questions ((don't have much questions left))
Use the following Financial statements to answer: Great Lakes Manufacturing Inc. comparative Statement of Financial Position at December 31in (000)'s Cash Accounts Receivable Inventory Prepaid Expenses Equipment Accumulated Depreciation - equipment Total Assets 20X5 20X4 $ 5, 100 $ 4,800 $ 9,010 $ 6,100 $ 10,400 $ 14,000 $ 1,950 $ 1,020 $ 58,500 $ 59,900 $(33,100) $ (32,000) $ 51,860 $ 53,820 Account Payable $ 7,000 Interest Payable $ 350 Income taxes payable $ 650 Dividends Payable $ 2,400 Long-term Notes Payable $ 17,500 Common shares $ 22,000 Retained Earnings $ 1,960 Total Liabilities & Shareholders' Equity $ 51,860 $ 11,400 $ 110 $ 500 $ 3,200 $ 17,000 $ 20,000 $ 1,610 $ 53,820 Great Lakes Manufacturing Inc. Income Statement Year Ended December 31, 20x5 in (000)'s Sale $130,000 Cost of goods sold $ 97,000 Gross Profit $ 33,000 Operating Expenses $30,000 Gain on Sale of equipment $(1,000) $ 29,000 Profit from Operations $ 4,000 Other expenses Interest Expense $ 200 Profit before Income Tax $ 3,800 Income Tax Expense $ 1,550 Profit $ 2,250 Additional Information: . Operating expenses include depreciation expense of $3,500,000 Acco Payable related to the purchase of inventory Equipment that cost $3,900,000 was sold at a gain of $1,000,000 New equipment was purchased during the year for $2,500,000 Dividends declared and paid in 20X5 totaled $1,900,000 Common shares were sold for $2,000,000 cash Interest payable in 20X5 was $240,000 greater than interest payable in 20X4 . . . What is the Net Cash provided (used) by financing activities when the indirect cash flow method is used? Assume the company uses ASPE. Multiple Choice ($300) $500 ($200) $2,500 None of the other alternatives are correctStep by Step Solution
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