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The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 Revenues
The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 Revenues $250.000 4,000 Gain on sale of land 254,000 Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense 127.000 25,000 20,000 Interest expense 16.000 12.000 Income tax expense Total expenses 200,000 $54,000 Net Income Track Inc Balance Sheets December 31 December , Assets 2019 2018 Current Assets: Cash $187.000 95.000 Accounts receivable $330,000 83,000 121,000 7,000 138,000 5.000 Inventory Prepaid rent Long-Term Assets: Investment in stock 100,000 186,000 160,000 Land Equipment Accumulated depreciation 295.000 -120,000 $1.062,000 260.000 225,000 -100,000 Total Assets 5910,000 $40,000 1,000 12.000 $58,000 2.000 10.000 Liabilities and Stockholders' Equity Current Liabilities: : Accounts payable Interest payable Income tax payable Long-Term Liabilities: Notes payable Stockholders' Equity: Common stock Retained earnings Total Liabilities and Equity 275,000 205,000 410,000 350,000 324.000 285,000 $1.062.000 5910,000 39 40 41 48 49 50 Common stock 210,000 Retained earnings Total Liabilities and Equity 324,000 $1.062,000 350,000 285,000 $910,000 Additional Information for 2019: 1. Purchase additional investment in stocks for $86,000. 2. Selt land costing $100,000 for $104,000 resulting in a $4,000 gain on sale of land. 3. Issue common stock in exchange for cash $60.000. 4. Declared and paid a cash dividend of $15,000. 5. Purchase $70.000 equipment by borrowing $70,000 with a note payable due in three years. No cash exchanged in the transaction. What is the cash flows from operating activities? What is the cash flows from investing activities? What is the cash flows from financing activities? What is the cash flows from non-cash activities? -> Click Submit to complete this assessment 85F AQI
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