Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet data of Larkspur Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29.900 $34,900 Accounts receivable

image text in transcribedimage text in transcribed

The balance sheet data of Larkspur Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29.900 $34,900 Accounts receivable (net) 54,400 45,400 Inventory 64,400 44,600 Prepaid expenses 14,900 25,000 Equipment 89,700 75,700 Accumulated depreciation-equipment (17.940) (8,000 ) Land 70,500 40,100 $305,860 $257,700 Accounts payable $64,800 $51,900 Accrued expenses 14,800 18,000 Notes payable-bank, long-term -0- 23.100 Bonds payable 30,300 -0- Accounts payable $64,800 $51,900 Accrued expenses 14,800 18,000 Notes payable-bank, long-term -0- 23,100 Bonds payable 30,300 -0- Common stock, $10 par 188,900 158,500 Retained earnings 7,060 6,200 $305,860 $257,700 Land was acquired for $30,400 in exchange for common stock, par $30,400, during the year; all equipment purchased was for cash. Equipment costing $13,000 was sold for $2,900; book value of the equipment was $5,900. Cash dividends of $10,100 were declared and paid during the year. Compute net cash provided (used) by: (Show amounts that decrease cash flow with either a sign eg.-12,000 or in parenthesis e.g. (12,000)) by operating activities. $ (a) Net Cash (b) Net Cash by investing activities. $ (c) Net Cash by financing activities. $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie Miller-Nobles, Brenda Mattison, Ella Mae Matsumura

7th Global Edition

1292412321, 9781292412320

Students also viewed these Accounting questions