6. Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock, $10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1,880,000 980,000 Total liabilities and stockholders' equity $6,520,000 $4,320,000 -11- Net income for 2021 was $1,500,000. Cash dividends of $600,000 were declared and paid in 2021. Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2021 for $360,000. A long-term investment was sold in 2021 for $320,000. There were no other transactions affecting long-term investments in 2021. 20,000 shares of common stock were issued in 2021 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/22. Net cash used in Jamison’s 2021 investing activities was a. $2,320,000. b. $1,820,000. c. $1,680,000. d. $1,720,000.

6. Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below. December 31, 2021 2020 Assets Cash $ 440,000 $ 200,000 Short-term investments 600,000 — Accounts receivable (net) 1,020,000 1,020,000 Inventory 1,380,000 1,200,000 Long-term investments 400,000 600,000 Plant assets 3,400,000 2,000,000 Accumulated depreciation (900,000) (900,000) Patent 180,000 200,000 Total assets $6,520,000 $4,320,000 Liabilities and Stockholders' Equity Accounts payable and accrued liabilities $1,660,000 $1,440,000 Notes payable (nontrade) 580,000 — Common stock, $10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1,880,000 980,000 Total liabilities and stockholders' equity $6,520,000 $4,320,000 -11- Net income for 2021 was $1,500,000. Cash dividends of $600,000 were declared and paid in 2021. Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2021 for $360,000. A long-term investment was sold in 2021 for $320,000. There were no other transactions affecting long-term investments in 2021. 20,000 shares of common stock were issued in 2021 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/22. Net cash used in Jamison’s 2021 investing activities was a. $2,320,000. b. $1,820,000. c. $1,680,000. d. $1,720,000.

Name: 26. Jamison Corp.'s balance sheet accounts as of December 31, 2021 an
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Description: 26. Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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26. Jamison Corp.'s balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2021 activities are presented below.

December 31,

2021 2020

Assets

Cash $ 440,000 $ 200,000

Short-term investments 600,000 —

Accounts receivable (net) 1,020,000 1,020,000

Inventory 1,380,000 1,200,000

Long-term investments 400,000 600,000

Plant assets 3,400,000 2,000,000

Accumulated depreciation (900,000) (900,000)

Patent 180,000 200,000

Total assets $6,520,000 $4,320,000

Liabilities and Stockholders' Equity

Accounts payable and accrued liabilities $1,660,000 $1,440,000

Notes payable (nontrade) 580,000 —

Common stock, $10 par 1,600,000 1,400,000

Additional paid-in capital 800,000 500,000

Retained earnings 1,880,000 980,000

Total liabilities and stockholders' equity $6,520,000 $4,320,000

-11-

Net income for 2021 was $1,500,000.
Cash dividends of $600,000 were declared and paid in 2021.
Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2021 for $360,000.
A long-term investment was sold in 2021 for $320,000. There were no other transactions affecting long-term investments in 2021.
20,000 shares of common stock were issued in 2021 for $25 a share.
Short-term investments consist of treasury bills maturing on 6/30/22.

Net cash used in Jamison’s 2021 investing activities was

a. $2,320,000.

b. $1,820,000.

c. $1,680,000.

d. $1,720,000.

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