Total Assets$944,500$596,400Accounts payable$130,000$87,500Mortgage payable65,00097,400Common stock266,500238,000Retained earnings483,000173,500Total Liabilities & Shareholders' Equity$944,500$596,400Required:Prepare the cash flows from investing and financing activities sections of the 2020 statement of cash flows. For those boxes in which you must enter subtractive or negative numbers use a minus sign.Caraba's CompanyStatement of Cash Flows (Partial)For the Year Ended December 31, 2020Investing Activities:Net cash used for investing activitiesFinancing Activities:Net cash used for financing activities%24%24 An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below:Caraba's CompanyIncome StatementFor the Year Ended December 31, 2020Sales$553,000Investment income26,000Gain on sale of investments3,500$582,500Less:Selling & administrative expenses$221,600Depreciation expense15,000Interest expense3,900Income taxes expense6,500247,000Net Income$335,500Comparative Balance SheetsDecember3120202019Cash$209,000$49,900Accounts receivable160,30063,700InvestmentS117,000126,100Equipment (net)146,20080,400Land312,000276,300T-kal ^ssstsE044 500

CFS is the statement prepared for the reporting of cash inflows and outflows during a specific…

An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's Company Income Statement For the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance Sheets December 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300

An abbreviated set of financial statements for Caraba's Company for 2020 and 2019 is shown below: Caraba's Company Income Statement For the Year Ended December 31, 2020 Sales $553,000 Investment income 26,000 Gain on sale of investments 3,500 $582,500 Less: Selling & administrative expenses $221,600 Depreciation expense 15,000 Interest expense 3,900 Income taxes expense 6,500 247,000 Net Income $335,500 Comparative Balance Sheets December 31 2020 2019 Cash $209,000 $49,900 Accounts receivable 160,300 63,700 Investments 117,000 126,100 Equipment (net) 146,200 80,400 Land 312,000 276,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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