Question
The income statement and additional data of Dallas Products, Inc., follow: Income statement Year Ended December 31, 2014 Revenues: Service revenue $202,400 Dividend revenue $6,700
The income statement and additional data of Dallas Products, Inc., follow:
Income statement | |||||
Year Ended December 31, 2014 | |||||
|
|
|
|
| |
Revenues: |
|
|
| ||
Service revenue |
| $202,400 |
| ||
Dividend revenue |
| $6,700 |
| ||
Loss from sale of land |
| ($3,000) |
| ||
Total Revenues: |
|
| $206,100 | ||
Expenses |
|
|
| ||
Cost of goods sold |
| $10,800 |
| ||
Salary expense |
| $44,000 |
| ||
Depreciation expense | $21,000 |
| |||
Advertising expense | $4,300 |
| |||
Interest expense |
| $2,100 |
| ||
Income tax expense | $19,500 |
| |||
Total Expenses |
|
| $101,700 | ||
Net Income |
|
| $104,400 |
Additional data:
- Acquisition of plant assets was $150,000. Of this amount, $95,000 was paid in cash and $55,000 by signing a note payable.
- Book value of land is $20,000.
- Cash received from issuance of common stock totaled $50,000.
- Payment of a long-term note payable was $18,000.
- Payment of cash dividends was $12,000
- From the balance sheets:
|
|
|
|
| Changes from 2013 to 2014 | |
|
|
| 12/31/2014 | 12/31/2013 |
| |
Current Assets |
|
|
|
|
| |
Cash |
|
| $86,200 | $33,500 |
| $52,700 |
Account receivable |
| $44,000 | $60,000 |
| -$16,000 | |
Inventory |
|
| $84,000 | $62,000 |
| $22,000 |
Prepaid expense |
| $9,500 | $8,300 |
| $1,200 | |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
| |
Accounts payable |
| $38,000 | $36,500 |
| $1,500 | |
Accrued liabilities |
| $1,000 | $13,000 |
| -$12,000 |
Please answer the following questions:
1. How much cash is provided by operating activities? Please fill a whole number in the following blank. No "$" sign, no comma in the number please. $
2. How much cash is received from the sale of land? Please fill a whole number in the following blank. No "$" sign, no comma in the number please. $
3. How much cash is used for the investing activities? Please fill a whole number in the following blank. No "$" sign, no comma in the number please. $
4. How much cash is provided for the financing activities? Please fill a whole number in the following blank. No "$" sign, no comma in the number please. $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started