Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The balance sheet for Franklin Company for December 31, Year 2 and Year 1. are as follows: Year 2 Year 1 Change Cash $ 68,000

image text in transcribed
The balance sheet for Franklin Company for December 31, Year 2 and Year 1. are as follows: Year 2 Year 1 Change Cash $ 68,000 $ 42,500 $ 25,500 Accounts receivable (net) 61,000 70.200 (9.200) Inventory 121,000 105,000 16,000 Equipment 515,000 525,000 (10,000) Accumulated depreciation (153,000 (175.000 (22,000) Total assets $612.000 $567.700 $ 59,750 Accounts payable $ 47,250 12,500 75,000 (75,000) Bonds payable, due in Year 2 425,000 350,000 75,000 Common stock 127.250 95.450 31,800 Retained earnings $612.000 $567.700 Total liabilities & stockholders' equity Additional information: Net income for the year is $71,800. Old equipment was sold for $125,000. The cost of the old equipment was $160,000 and accumulated depreciation was $60,000 All bonds issued were retired for $75,000. No new bonds were issued. The company didn't repurchase any of its own common stock. Cash dividends were declared and pald. For the following questions, put appropriate commas in your answer but do not add $ signs. If the the cash flow is a use of cash. put the amount in brackets What is the net cash provided (used) from operating activities for the year? What is the net cash provided (used) from Investing activities for the year? What is the net cash provided (used) from financing activities for the year

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

Introduction To Management Accounting With Myaccountinglab And

Authors: Alnoor Bhimani, Charles T. Horngren, Gary L. Sundem, William O. Stratton, Jeff Schatzberg, Dave Burgstahler

1st Edition

1292178116, 978-1292178110

More Books

Students also viewed these Accounting questions

Question

4. Devise an interview strategy from the interviewers point of view

Answered: 1 week ago