Question Completion Status: 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 Gain on sale of land $300,000 4,000 304,000 127,000 Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 25,000 40,000 16,000 12,000 220,000 $84,000 Tracking Balance Sheets December 31 2019 2018 $340,000 $187,000 95,000 Assets Current Assets: Cash Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in stock Land 83,000 121,000 7,000 138,000 5,000 126,000 230,000 285,000 -140,000 100.000 260,000 225,000 -100,000 Equipment Accumulated depreciation 126,000 230,000 285,000 -140,000 $1,052,000 100,000 260.000 225,000 -100,000 5910,000 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 540,000 1.000 12,000 550.000 2,000 10,000 265,000 205,000 350,000 400,000 334,000 $1,052,000 285.000 $910,000 Additional Information for 2019: 1. Purchase additional investment in stocks for $26,000 2. Sell and costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land. 3. Issue common stock in exchange for cash $50,000 4. Declared and paid a cash dividend of $35,000 5. Purchase $60,000 in equipment by borrowing $60,000 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? Question Completion Status: 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 Gain on sale of land $300,000 4,000 304,000 127,000 Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 25,000 40,000 16,000 12,000 220,000 $84,000 Tracking Balance Sheets December 31 2019 2018 $340,000 $187,000 95,000 Assets Current Assets: Cash Accounts receivable Inventory Prepaid rent Long-Term Assets: Investment in stock Land 83,000 121,000 7,000 138,000 5,000 126,000 230,000 285,000 -140,000 100.000 260,000 225,000 -100,000 Equipment Accumulated depreciation 126,000 230,000 285,000 -140,000 $1,052,000 100,000 260.000 225,000 -100,000 5910,000 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 540,000 1.000 12,000 550.000 2,000 10,000 265,000 205,000 350,000 400,000 334,000 $1,052,000 285.000 $910,000 Additional Information for 2019: 1. Purchase additional investment in stocks for $26,000 2. Sell and costing $30,000 for $34,000 resulting in a $4,000 gain on sale of land. 3. Issue common stock in exchange for cash $50,000 4. Declared and paid a cash dividend of $35,000 5. Purchase $60,000 in equipment by borrowing $60,000 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
