Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 44 (3 points) Financial Data for 2018 and 2019 is given for Gil's Company below. Use this information and the accompanying notes below the

image text in transcribed
image text in transcribed
Question 44 (3 points) Financial Data for 2018 and 2019 is given for Gil's Company below. Use this information and the accompanying notes below the statement, compute Net Cash Flow from Operating Activities for Gil's for 2019. NOTE: If your value is a negative number (.e., a cash outflow), be sure to put a hyphen before your answer with no space between the "-" and the number, for example, input negative 384 as -384). Gil's Company Balance Sheets for the Years Ending December 31, 2018 and 2019 Cash Accounts receivable Inventories Total current assets Gross fixed assets Accumulated depreciation Net fixed assets Land Total assets 2018 1,200 3,200 10,500 14,900 89,500 (23,400) 66,100 20,000 101,000 2019 800 3,600 8,000 12,400 109,500 (27,900) 81,600 24,500 118,500 Notes payable Accounts payable Current portion LT debt Total current liabilities Long-term debt Common stock Retained earnings Total liabilities & equity 2,100 3,400 1,600 7,100 43,600 26,900 23,400 101.000 1,200 1,800 2,200 5,200 54,100 31,200 28,000 118 500 Gross fixed assets Accumulated depreciation Net fixed assets Land Total assets 89,500 (23,400) 66,100 20,000 101,000 109,500 (27,900) 81,600 24,500 118,500 Notes payable Accounts payable Current portion LT debt Total current liabilities Long-term debt Common stock Retained earnings Total liabilities & equity 2,100 3,400 1.600 7,100 43,600 26,900 23,400 101,000 1,200 1,800 2,200 5,200 54,100 31,200 28,000 118,500 Balance Shoot. Footnote: Gil's Company sold a piece of equipment on March 14, 2018 for $3,000. The equipment had an original cost of $15,000 and a book value when sold of $5,000. Gil's Company sold a piece of equipment on April 24, 2019 for $8,300. The equipment had an original cost of $20,800 and a book value when sold of $14,000. Gil's Company sold a piece of equipment on October 2, 2019 for $12,300. The equipment had an original cost of $20,000 and a book value when sold of $7,300. Income Statement Data: Not income in 2011 - $15,600 Net Income in 2012 - $6,600 Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Finance

Authors: Harvey S Rosen, Ted Gayer

9th International Edition

0071267883, 9780071267885

More Books

Students also viewed these Finance questions

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago