QUESTION 2 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)

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QUESTION 2 Noor Corp.'s statements of financial position at December 31, 2020 and 2019 and information relating to 2020 activities are presented below: December 31,

QUESTION 2

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)