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please solve the LAST PART of the question... Determine the amount of any cash inflows and outflows related to financing activity in 2021. Sheridan Inc
please solve the "LAST PART" of the question... Determine the amount of any cash inflows and outflows related to financing activity in 2021.
Sheridan Inc is a private company reporting under ASPE. The following selected account balances were reported in Sheridan Inc's financial statements at year end: 2021 2020 Cash $ 18,450 $8,300 Buildings 834,000 731,000 Equipment 393,000 341,800 Land 91,000 49,500 303,000 287,000 121,000 90,500 6,050 2,500 Accumulated depreciation-buildings Accumulated depreciation equipment Dividends payable Mortgage payable Notes payable Common shares: 5,360 shares in 2021:3,960 in 2020 543,400 583,400 338,000 307,000 537,000 408,000 Accumulated depreciation-equipment 121,000 90,500 Dividends payable 6,050 2,500 Mortgage payable 543,400 583,400 Notes payable 338,000 307,000 Common shares: 5,360 shares in 2021;3,960 in 2020 537,000 408,000 Retained earnings 197,000 98,000 Cash dividends declared 23,000 8,400 Depreciation expense-buildings 23,500 39,800 47,305 25,450 Depreciation expense-equipment Gain on sale of equipment 860 0 Loss on sale of building 8.700 0 Interest expense 47,850 43,750 1. Additional information: Purchased $73,000 of equipment for $9,200 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $48,000. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. 4 Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use Taccounts to calculate the cash flows.) (Show amounts that decrease cash flow with elther a-sienes. - 15,000 or In parenthesis es. (15,000).) SHERIDAN INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment 5855 Purchase of Equipment 9200 Purchase of Building - 151000 Sale of Building 31800 Purchase of Land - 41500 1 CANA NetCash Used by trivesting Activities 164045 e Textbook and Media Solution Attempts: 3 of 5 used (b) Your answer is correct What was the amount of profit reported by Sheridan Inc in 2021? Amount of profit $ 122000 Cash Flow Statement (Partial) Year Ended December 31, 2021 Net Cash Used by Investing Activities Purchase of Equioment $ Sale of Equioment Purchase of Building Sale of Building Net Cash Used by Investing Activities Step by Step Solution
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