Question
Using info below, what is the net cash flow for Fox's 2020 SCFs Operating activities? 2020Income StmtBS Assets12/31/2012/31/19BS Liabs & SE12/31/2012/31/19Sales:$900,000Cash:$22,000$4,000Accts Payable:$12,000$80,000CGS:(350,000)Accts Rec:124,000102,000Taxes Payable:8,00012,000Gross Profit:$550,000AFS
Using info below, what is the net cash flow for Fox's 2020 SCFsOperatingactivities?
2020Income StmtBS Assets12/31/2012/31/19BS Liabs & SE12/31/2012/31/19Sales:$900,000Cash:$22,000$4,000Accts Payable:$12,000$80,000CGS:(350,000)Accts Rec:124,000102,000Taxes Payable:8,00012,000Gross Profit:$550,000AFS Secs:70,00036,000Divs Payable:16,00020,000Op. Exp:(240,000)Inventory:80,000120,000Wages Payable:16,0008,000Gain-Equip.:5,000Prepaid Rent:10,0008,000Interest Payable:2,000------Interest Rev:3,000Land:230,000180,000Notes Payable:120,000138,000Interest Exp:(6,000)Equipment:200,000260,000Common Stock:16,00015,000Pre-Tax NI:$312,000Accum Depr:(70,000)(50,000)Additional PIC:160,000147,000Inc. Tax Exp:(80,000)Patents:94,000100,000Retained Earnings:410,000340,000NI:$232,000Totals:$760,000$760,000Totals:$760,000$760,000
Notes:1)The only long-term asset sold in 2020 is Equipment with a$60,000 cost & 60% depreciated when sold.
2)All Depreciation & Amortization Expenses are included inOperating Expense (Op.Exp.)
Group of answer choices
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