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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 Gain on sale of land $250,000 Total revenues 4,000 254,000 127,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 25,000 20,000 16,000 12,000 200,000 $54,000 Track Inc Balance Sheets December, 31 Assets 2019 2018 Current Assets: Cash $187,000 Accounts receivable $330,000 83,000 121,000 95,000 138,000 Inventory Prepaid rent Long-Term Assets: Investment in stock 7,000 5,000 Land 100,000 260,000 186,000 160,000 295,000 -120,000 225,000 -100,000 $910,000 $1,062,000 $40,000 $58,000 Equipment Accumulated depreciation Total Assets 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 1,000 2,000 12,000 10,000 275,000 205,000 410,000 350,000 324,000 $1,062,000 285,000 $910,000 Additional Information for 2019: 1. Purchase additional investment in stocks for $86,000. 2. Sell 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 in equipment by borrowing $70,000 with a note payable due in three years. No cash is exchanged in the transactio 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
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