Question
The Mills Company has made the following information available: Ending Beginning Balance Balance Cash $ ? $107,000 Accounts Receivable 10,000 8,000 Inventory 4,000 12,000 Supplies
The Mills Company has made the following information available:
| Ending | Beginning |
| Balance | Balance |
Cash | $ ? | $107,000 |
Accounts Receivable | 10,000 | 8,000 |
Inventory | 4,000 | 12,000 |
Supplies | 1,000 | 1,500 |
Prepaid Rent | 3,500 | 2,000 |
Accounts Payable | 15,000 | 10,000 |
Unearned Rent Revenue | 6,000 | 3,500 |
Salaries Payable | 1,000 | 3,000 |
Retained Earnings | 266,000 | ? |
Total Equity | ? | 500,000 |
During the year, the company recorded the following activities:
1. the purchase of equity securities in Haley Company; $10,000
2. the payment of cash dividends; $9,000
3. the purchase of treasury stock; $7,500
4. the sale of land costing $40,000; $50,000
5. the amortization of a premium on bonds payable; $2,000
6. the amortization of a discount on bonds payable; $5,000
7. the annual depreciation of plant and equipment; $16,000
8. annual accrual net income; $140,000
29. Net cash flows from operations for Mills during the year amounted to a
a. | $159,500 inflow. |
b. | $179,500 inflow. |
c. | $160,000 inflow. |
d. | $161,500 inflow. |
e. | None of the above. |
30. Net cash flows from investing activities for Mills during the year amounted to a
a. | $31,000 inflow. |
b. | $32,500 inflow. |
c. | $40,000 inflow. |
d. | $50,000 inflow. |
e. | None of the above. |
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