Question
Please answer within the hour 1a. Jordan's net income for the year ended December 31, Year 2 was $203,000. Information from Jordan's comparative balance sheets
Please answer within the hour
1a. Jordan's net income for the year ended December 31, Year 2 was $203,000. Information from Jordan's comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
At December 31 | Year 2 | Year 1 | ||||
Common Stock, $5 par value | $ | 518,000 | $ | 466,200 | ||
Paid-in capital in excess of par | 966,000 | 869,200 | ||||
Retained earnings | 706,000 | 598,200 |
$107,800.
$203,000.
$148,600.
$51,800.
$96,800.
1b. Salah's net income for the year ended December 31, Year 2 was $199,000. Information from Salah's comparative balance sheets is given below. Compute the cash paid for dividends during Year 2.
At December 31 | Year 2 | Year 1 | ||||
Common Stock, $5 par value | $ | 514,000 | $ | 462,600 | ||
Paid-in capital in excess of par | 962,000 | 865,600 | ||||
Retained earnings | 702,000 | 594,600 |
$96,400.
$147,800.
$91,600.
$107,400.
$51,400.
1c. Mayweather reports net income of $317,500 for the year ended December 31. It also reports $100,200 depreciation expense and a $10,750 loss on the sale of equipment (a long-term asset). Its comparative balance sheet reveals a $43,200 increase in accounts receivable, a $10,950 decrease in prepaid expenses, a $16,450 increase in accounts payable, a $13,500 decrease in wages payable, a $80,500 increase in equipment (a long-term asset), and a $107,500 decrease in notes payable (a long-term liability). Calculate the net increase in cash for the year.
Group of answer choices
$221,900.
$399,150.
$291,650.
$211,150.
$318,650.
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