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: Prepare the statement of cash flows from financing activities using the following company information: (10 points) 2020 2019 Cash 350,000 Accounts Receivable 85,000 100,000
: Prepare the statement of cash flows from financing activities using the following company information: (10 points)
| 2020 | 2019 |
Cash |
| 350,000 |
Accounts Receivable | 85,000 | 100,000 |
Prepaid Insurance | 55,000 | 50,000 |
Prepaid Taxes | 26,000 | 27,000 |
Equipment and Furniture | 1,850,000 | 1,980,000 |
Accounts Payable | 25,000 | 150,000 |
Salaries Payable | 25,000 | 35,000 |
Mortgage Payable | 7,250,000 | 7,500,000 |
Long-term Debt (other than mortgages) | $950,000 | $0 |
Net Income | 225,000 | 150,000 |
Depreciation Expense | 415,000 | 450,000 |
Gain on sale of assets | 75,000 | 125,000 |
Additional information:
- The Company issued 10,550 shares of common stock (par value of $1) for $1,000,000.
- The company sold equipment with cost of $130,000 and accumulated depreciation of $130,000 for $75,000.
- The company received a $1,000,000 new loan, they received the money directly from lender. The company paid $50,000 on the principal of the new loan
- The Company purchased 5,000 shares of its own stock for $500,000
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