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Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 $_50.000 Cash Accounts receivable (net) $
Problem 8 The balance sheet data of Naley Company at the end of 2019 and 2018 follow: 2019 2018 $_50.000 Cash Accounts receivable (net) $ 70,000 90,000 120,000 Merchandise inventory 140,000 Prepaid expenses Buildings and equipment 90,000 50,000 150,000 180,000 (36,000) Accumulated depreciation-buildings and equipment Land Totals Accounts payable Accrued expenses Notes payable-bank, long-term Mortgage payable $654.000 $136,000 24,000 (16,000) 80,000 $514.000 $110,000 36,000 80,000 60,000 418,000 318,000 Common stock, $10 par Retained earnings (deficit) 16,000 $654.000 30,000) $514.000 Land was acquired for $100,000 in exchange for common stock, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported as an ordinary item in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. For the year ending December 31, 2019, calculate the following amounts: a) The net cash provided (used) by operating activities b) The net cash provided (used) by investing activities c) The net cash provided (used) by financing activities Show work but do NOT prepare the statement of cash flow
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