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The income statement, balance sheets, and additional information for Track Inc. are provided The income statement, balance sheets, and additional information for Track Inc. are
The income statement, balance sheets, and additional information for Track Inc. are provided
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 Gain on sale of land 4,000 254,000 127,000 25,000 Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 20,000 16,000 12,000 200,000 Net Income $54,000 Track Inc Balance Sheets December, 31 2019 2018 Assets Current Assets: Cash Accounts receivable $330,000 83,000 121,000 7,000 $187,000 95,000 138,000 5,000 Inventory Prepaid rent Long-Term Assets Investment in stock 100,000 Land 186,000 160,000 295,000 -120,000 $1,062,000 260,000 225,000 -100,000 $910,000 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 $40,000 1,000 $58,000 2,000 12,000 10,000 275,000 205,000 410,000 350,000 285,000 Retained earnings Total Liabilities and Equity 324,000 $1,062,000 $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 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 activitiesStep by Step Solution
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