QUESTION 2

1. Noor Corp.'s statements of financial position at December 31, 2020 and 2019 and information relating to 2020 activities are presented below:

   December 31, ___

   2020 2019

   Assets

   Cash............................................................................................. $ 110,000 $ 50,000

   Temporary investments................................................................. 150,000

   Accounts receivable (net).............................................................. 255,000 255,000

   Inventory...................................................................................... 345,000 300,000

   Long-term investments.................................................................. 100,000 150,000

   Property, plant and equipment...................................................... 850,000 500,000

   Accumulated depreciation............................................................ (225,000) (225,000)

   Goodwill....................................................................................... 45,000 50,000

   Total assets............................................................................ $ 1,630,000 $ 1,080,000

   Liabilities and Shareholders' Equity

   Accounts payable.......................................................................... $ 415,000 $ 360,000

   Long-term note payable................................................................ 145,000

   Common shares............................................................................ 600,000 475,000

   Retained earnings......................................................................... 470,000 245,000

   Total liabilities and shareholders' equity................................ $ 1,630,000 $ 1,080,000

   Other information relating to 2020 activities:

   1. Net income was $ 375,000.

   2. Cash dividends of $ 150,000 were declared and paid.

   3. Equipment costing $ 250,000, with a book value of $ 80,000, was sold for $ 90,000.

   4. A long-term investment was sold for $ 80,000. There were no other transactions affecting long-term investments.

   5. 5,000 common shares were issued for $ 25 a share.

   6. Temporary investments consist of treasury bills maturing on June 30, 2020

   Required

   A. Calculate the cash used in investing activities in 2020 (5 marks)

   B. Calculate the cash provided by financing activities in 2020 (5 marks)