Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 31 The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Question 31 The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 Revenues $300,000 10,000 310,000 Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 120,000 25,000 47,000 16,000 12,000 220,000 $90,000 Track Inc Balance Sheet For the Year Ended December 31, 2019 2019 2018 $363,000 83,000 121,000 7,000 $187,000 95,000 138,000 5,000 Assets Current Assets: Cash Accounts receivable Inventory Prepaid rent Long-Term Assets Investment in stock Land Equipment Accumulated depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long Term Liabilities: 186,000 170,000 305,000 -147,000 $1,088,000 100,000 260,000 225,000 -100,000 5910,000 $40,000 1,000 12,000 $58,000 2,000 10,000 186,000 170,000 305,000 -147,000 $1,088,000 100,000 260,000 225,000 -100,000 $910,000 Long-Term Assets Investment in stock Land Equipment Accumulated depreciation Total Assets Liabilities and Stockholders' Equity Current Liabilities: Accounts payable Interest payable Income tax payable Long-Term Liabilities Notes payable Stockholders' Equity Common stock Retained earnings Total Liabilities and Equity $40,000 1,000 12,000 558,000 2,000 10,000 285,000 205,000 400,000 350.000 $1,038,000 350,000 285.000 $910,000 Additional Information for 2019: 1. Purchase additional investment in stocks for $86,000 2. Sell land costing $90,000 for $100,000 resulting in a $10,000 gain on sale of land. 3. Issue common stock in exchange for cash $50,000 4. Declared and paid a cash dividend of $25,000 5. Purchase 580,000 in equipment by borrowing 580,000 with a note payable due in three years. No cash is exchanged in the transaction What is the cash flows from operating activities? What is the cash flows from investing activities? What is the cash flows from financing activities? What is the cash flows from non-cash activities? Click Submit to complete this assessment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Good Better Best A Guidebook For Performance Auditing

Authors: Gary Blackmer

1st Edition

131265869X, 978-1312658691

More Books

Students also viewed these Accounting questions

Question

Discuss briefly the advantages and disadvantages of a CFD contract.

Answered: 1 week ago