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The operations of the Bloated Goat Cafe, a small food service operation, are becoming more complex. Sharon nanny, the owner, has asked for your help
The operations of the Bloated Goat Cafe, a small food service operation, are becoming more complex. Sharon nanny, the owner, has asked for your help in understanding the condensed balance sheets and the additional information provided. Additional information: Investments costing $10,000 were sold for $15,000. Dividends paid during 20X2 totaled $10,000. The cafe's van, which cost $20,000, was sold for $5,000. Its net book value on the date of sale was $3,000. Assume that the retained earnings account is affected only by dividends declared and the results of operations(net income). Assume current liabilities are paid on a timely basis. Required: What amount of dividends was declared during 20X2? What amount of the note payable was paid during 20X2? What impact did the change in inventory during 20X2 have on cash? What impact did the change in accounts payable during 20X2 have on cash? What were the results of operations for 20X2? What amount of investments was purchased during 20X2? What was the depreciation expense for 20X2
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