Question
The balance sheet data of Ivanhoe Company at the end of 2017 and 2016 are shown below. 2017 2016 Cash $29,800 $35,300 Accounts receivable (net)
The balance sheet data of Ivanhoe Company at the end of 2017 and 2016 are shown below.
2017 | 2016 | |||||
Cash | $29,800 | $35,300 | ||||
Accounts receivable (net) | 54,500 | 44,900 | ||||
Inventory | 65,000 | 44,900 | ||||
Prepaid expenses | 15,200 | 24,700 | ||||
Equipment | 90,000 | 74,700 | ||||
Accumulated depreciationequipment | (18,000 | ) | (8,100 | ) | ||
Land | 70,500 | 40,000 | ||||
$307,000 | $256,400 | |||||
Accounts payable | $64,900 | $51,700 | ||||
Accrued expenses | 15,000 | 17,800 | ||||
Notes payablebank, long-term | 0 | 22,800 | ||||
Bonds payable | 30,000 | 0 | ||||
Common stock, $10 par | 188,000 | 157,500 | ||||
Retained earnings | 9,100 | 6,600 | ||||
$307,000 | $256,400 |
Land was acquired for $30,500 in exchange for common stock, par $30,500, during the year; all equipment purchased was for cash. Equipment costing $12,900 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $10,000 were declared and paid during the year. Compute net cash provided (used) by:
(a) | Net Cash provided/ used by operating activities. | $ | ||
(b) | Net Cash used/ provided by investing activities. | $ | ||
(c) | Net Cash used/ provided by financing activities. | $ |
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