Question
Use the following information for next 3 questions. The balance sheet data of Minx Company at the end of 2017 and 2016 follow: 2017 2016
Use the following information for next 3 questions.
The balance sheet data of Minx Company at the end of 2017 and 2016 follow:
2017 2016
Buildings and equipment $180,000 $150,000
Accumulated depreciationbuildings and equipment (36,000) (16,000)
Land 180,000 80,000
Cash 50,000 70,000
Prepaid expenses 20,000 50,000
Inventory 140,000 90,000
Accounts receivable (net) 120,000 90,000
Totals $654,000 $514,000
Share capital-ordinary, $10 par $418,000 $318,000
Retained earnings (deficit) 16,000 (30,000)
Notes payablebank, long-term 80,000
Mortgage payable 60,000
Accrued expenses 24,000 36,000
Accounts payable 136,000 110,000
$654,000 $514,000
Land was acquired for $100,000 in exchange for ordinary shares, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2017, for Minx Company:
a The net cash provided by operating activities was $
b The net cash provided (used) by investing activities was $
c The net cash provided (used) by financing activities was $
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