Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet data of Sarasota Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29,700 $34,800 Accounts receivable

image text in transcribed

The balance sheet data of Sarasota Company at the end of 2020 and 2019 are shown below. 2020 2019 Cash $29,700 $34,800 Accounts receivable (net) 55,000 45,000 Inventory 64,500 45,100 Prepaid expenses 14,900 24,900 Equipment 90,200 75,600 Accumulated depreciation-equipment (18,040 ) (8,000 ) Land 69,800 40,100 $306,060 $257,500 Accounts payable $64,700 $52,500 Accrued expenses 14,800 17,800 Notes payable-bank, long-term -0- 23,200 Bonds payable 30,300 -0- Common stock, $10 par 189,100 159,400 Retained earnings 7,160 4,600 $306,060 $257,500 Land was acquired for $29,700 in exchange for common stock, par $29,700, during the year; all equipment purchased was for cash. Equipment costing $12,900 was sold for $2,900; book value of the equipment was $6,000. Cash dividends of $9,900 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 Information Systems The Crossroads of Accounting & IT

Authors: Donna Kay, Ali Ovlia

2nd Edition

132991322, 978-0132991322

More Books

Students also viewed these Accounting questions

Question

What is the typical class size?

Answered: 1 week ago