Additional Information for MKH Co. in 20X1: 1. Net income for year 20X1 was $216,000. 2. The company declared and paid a cash dividend of $132,800. 3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold). 4. MKH sold land worth $19,200 for $8,000 cash. 5. The company retired $148,400 worth of bonds payable at the beginning of the year. 1. What was the loss on the sale of land recorded by MKH Company in 20X1? $11,200 $8,000 $0 $19,200 2. What were MKH Company's cash flows from (for) operating activities in 20X1? $268,200 ($180,300) $279,400 $233,100 3. What were MKH Company's cash flows from (for) investing activities in 20X1? $11,200 $0 $19,200 $8,000 4. What were MKH Company's cash flows from (for) financing activities in 20X1? ($47,500) ($97,100) ($180,300) ($116,500)
Additional Information for MKH Co. in 20X1: 1. Net income for year 20X1 was $216,000. 2. The company declared and paid a cash dividend of $132,800. 3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold). 4. MKH sold land worth $19,200 for $8,000 cash. 5. The company retired $148,400 worth of bonds payable at the beginning of the year. 1. What was the loss on the sale of land recorded by MKH Company in 20X1? $11,200 $8,000 $0 $19,200 2. What were MKH Company's cash flows from (for) operating activities in 20X1? $268,200 ($180,300) $279,400 $233,100 3. What were MKH Company's cash flows from (for) investing activities in 20X1? $11,200 $0 $19,200 $8,000 4. What were MKH Company's cash flows from (for) financing activities in 20X1? ($47,500) ($97,100) ($180,300) ($116,500)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need this explained in detail, I have tried to solve it multiple times but know I am adding or subtracting something incorrectly. You can use the cash flow statement with different colored pens for the questions and just put a + or - to tell me if you added or subtracted. As much detail as you can go in as I learn best by looking at questions and seeing how the answer was gotten.
Additional Information for MKH Co. in 20X1:
1. Net income for year 20X1 was $216,000.
2. The company declared and paid a cash dividend of $132,800.
3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold).
4. MKH sold land worth $19,200 for $8,000 cash.
5. The company retired $148,400 worth of bonds payable at the beginning of the year.
1. What was the loss on the sale of land recorded by MKH Company in 20X1?
$11,200
$8,000
$0
$19,200
2. What were MKH Company's cash flows from (for) operating activities in 20X1?
$268,200
($180,300)
$279,400
$233,100
3. What were MKH Company's cash flows from (for) investing activities in 20X1?
$11,200
$0
$19,200
$8,000
4. What were MKH Company's cash flows from (for) financing activities in 20X1?
($47,500)
($97,100)
($180,300)
($116,500)
Transcribed Image Text:Comparative Balance Sheets
For the year ended December 31
20X1
20X0
Change
Current assets
Cash
$324,700
$217,600
$107,100
Accounts receivable
132,600
165,200
(32,600)
Inventory
175,100
137,200
37,900
Prepaid rent
25,500
14,400
11,100
Total current assets
$657,900
$534,400
$123,500
Long-term assets
Land
$326,400
$345,600
($19,200)
Equipment (net)
321,300
356.300
(35,000)
Total long-term assets
$647,700
$701,900
$(54,200).
Total assets
$1,305,600
$1,236,300
$69,300
Current liabilities
Accounts payable
$145,800
$131,200
$14,600
Salaries payable
18,700
4,800
13,900
Interest payable
32,300
27,200
5,100
Total current liabilities
$196,800
$163,200
$33,600
Long-term liabilities
Bonds payable
$321,400
$469,800
($148,400)
Stockholders' equity
Common stock
$535,800
$434,900
$100,900
Retained earnings
251,600
168,400
83,200
Total liabilities and equity
$1,305,600
$1,236,300
$69,300
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