Elliott Corp.'s transactions for the year ended December 31, 2020 included the following: Purchased real estate for $1,250,000 cash which was borrowed from a bank. Sold available-for-sale securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. Elliott's net cash used in investing activities for 2020 was a. $1,500,000. b. $ 750,000. c. $ 500,000. d. $ 250,000.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Elliott Corp.'s transactions for the year ended December 31, 2020 included the following:
Purchased real estate for $1,250,000 cash which was borrowed from a bank.
Sold available-for-sale securities for $1,000,000.
Paid dividends of $1,200,000.
Issued 500 shares of common stock for $500,000.
Purchased machinery and equipment for $250,000 cash.
Paid $900,000 toward a bank loan.
Reduced accounts receivable by $200,000.
Increased accounts payable $400,000.
Elliott's net cash used in investing activities for 2020 was
a. $1,500,000.
b. $ 750,000.
c. $ 500,000.
d. $ 250,000.
Transcribed Image Text:Elliott Corp.'s transactions for the year ended December 31, 2020 included the following: Purchased real estate for $1,250,000 cash which was borrowed from a bank. Sold available-for-sale securities for $1,000,000. Paid dividends of $1,200,000. Issued 500 shares of common stock for $500,000. Purchased machinery and equipment for $250,000 cash. Paid $900,000 toward a bank loan. Reduced accounts receivable by $200,000. Increased accounts payable $400,000. Elliott's net cash used in investing activities for 2020 was a. $1,500,000. b. $ 750,000. c. $ 500,000. d. $ 250,000.
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