Question
The following schedule of information relates to Texas Co. for the year ended December 31, 2019: For issuance of Texas Company common stock $ 68,400
The following schedule of information relates to Texas Co. for the year ended December 31, 2019:
|
|
For issuance of Texas Company common stock | $ 68,400 |
From sale of land (original cost $64,000) | 93,000 |
From sale of intangible assets (at net book value) | 47,500 |
|
|
For purchase of bonds as investment | 950,000 |
To stockholders as dividends | 126,000 |
The companys balance sheet reports the following:
| December 31, 2019 | December 31, 2018 |
Cash | $ 127,408 | $ 74,000 |
Accounts receivable | 354,000 | 392,000 |
Inventory | 67,000 | 51,400 |
Accounts payable | 480,000 | 375,000 |
Accrued liabilities | 365,000 | 387,000 |
The companys 2019 income statement reports the following:
Depreciation expense | $ 115,500 |
Loss on obsolete inventory | 127,700 |
Net income | 600,908 |
- Provide the amount for Cash Flows from Operating Activities.
- Provide the amount for Cash Flows from Investing Activities.
- Provide the amount for Cash Flows from Financing Activities.
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