Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The balance sheet data of Corinne Company at the end of 2022 and 2021 follow: 2022 2021 Cash $50 $70 Accounts receivable (net) 320 270
The balance sheet data of Corinne Company at the end of 2022 and 2021 follow:
2022 2021
Cash $50 $70
Accounts receivable (net) 320 270
Buildings and equipment 180 150
Accumulated depreciation - buildings and equipment (36) (16)
Land 180 80
Totals $694 $554
Accounts payable $160 $146
Notes payable - bank, long-term 0 80
Mortgage payable 60 0
Common stock, $10 par 418 318
Retained earnings 56 10
Totals $694 $554
Land worth $100 was acquired in exchange for common stock, par $100, during the year; all equipment purchased was with cash. Equipment costing $10 was sold for $4; book value of the equipment was $8 and the loss was reported as an ordinary item in net income. Cash dividends of $20 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account.
In the statement of cash flows for the year ended December 31, 2022, the net cash (used) by financing activities was:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started