Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet data of Martinez Company at the end of 2017 and 2016 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment

image text in transcribed

The balance sheet data of Martinez Company at the end of 2017 and 2016 are shown below. Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation-equipment Land 2017 $30,300 54,900 65,400 14,900 89,400 (17,880) 70,200 $307,220 2016 $35,200 45,400 44,600 25,200 74,800 (8,000) 39,600 $256,800 Accounts payable Accrued expenses Notes payable-bank, long-term Bonds payable Common stock, $10 par Retained earnings $64,900 14,900 -0- 30,000 190,600 6,820 $307,220 $52,500 17,800 23,300 -0- 160,000 3,200 $256,800 Land was acquired for $30,600 in exchange for common stock, par $30,600, during the year; all equipment purchased was for cash. Equipment costing $13,000 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: (Show amounts that decrease cash flow with either a-sign e.g.-12,000 or in parenthesis e.g. (12,000).) (a) Net Cash by operating activities. $ (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 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

Accounting For Investments Equities Futures And Options Volume 1

Authors: R. Venkata Subramani

1st Edition

047082431X, 978-0470824313

More Books

Students also viewed these Accounting questions