Question 30

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Saleem, Hani, and Osama are partners in SHO partnership. Their capital balances on 31/12/2020 are given below:

Saleem $ 60,000

Hani $ 60,000

Osama $ 50,000.

On 1/1/2021, Raed is accepted as a new partner. He will invest an amount of cash into the partnership, to allow him to get a 15% share in the new partnerships total capital, with no bonuses given to anyone. How much did he invest as cash?

(Note: write your answer as a number only, with No dollar signs or commas)

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Question 31

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Lala land Company has the following financial information:

Balance Sheets
	Dec. 31, 2020	Dec. 31, 2021
Cash	152,400	119,500
Accounts receivable	33,200	35,000
Inventory	200,600	175,500
Prepaid Expenses	22,000	20,000
Long term Investments	300,000	420,000
Plant, Property and Equipment (net)	250,000	205,000
Accounts payable	98,600	105,000
Short term notes payable	62,000	45,000
Taxes payable	35,600	13,500
Long term liabilities	134,000	140,000
Stockholders Equity	628,000	671,500

Income statement
Sales revenue	$ 570,000
Cost of goods sold	300,000
Gross profit	$ 270,000
Depreciation Expense	13,000
Other operating costs	186,500
Loss on sale of plant assets	2,000
Net Income for the year	$68,500

Required: Calculate the cash flow from operating activities, for the year ended December 31, 2021, using the Indirect method.

(Note: write your answer as a number only, with No dollar signs or commas)

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