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The Erin Corp. has the following balance sheet accounts for the years ending December 31st. 2015 2016 Change Cash $ 15,000 $ 8,000 $ 7,000
The Erin Corp. has the following balance sheet accounts for the years ending December 31st. 2015 2016 Change Cash $ 15,000 $ 8,000 $ 7,000 Accounts receivable 30,000 20,000 -10,000 Inventory 22,000 24,000 2,000 Prepaid advertising 5,000 8,000 3,000 Land 60,000 100,000 40,000 Plant and equipment 500,000 550,000 50,000 Accumulated depreciation -50,000 -70,000 -20,000 Totals $582,000 $640,000 Accounts payable $ 28,000 $35,000 $ 7,000 Wages payable 7,600 2,400 -5,200 Notes payable 79,000 46,000 -33,000 Bonds payable 140,000 160,000 20,000 Common stock 190,000 200,000 10,000 Retained earnings 137,400 196,600 59,200 Totals $582,000 $640,000 Erin Corp. had a 2017 net income of $69,200. The income statement showed $20,000 of depreciation expense. The land, plant, and equipment were purchased for cash. The common stock and bonds were issued for cash. Erin paid $10,000 in dividends and paid off some short-term notes payable. Cash flow from investing activities is $ net cash
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