In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. d. what is the net cash flow from operating activities for the period? e. what is amount of net cash flow from investing activities? f. what is the amount of net cash flow from financing activities? g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?
In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land. d. what is the net cash flow from operating activities for the period? e. what is amount of net cash flow from investing activities? f. what is the amount of net cash flow from financing activities? g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collected $40,600 of the amount billed. Lee incurred $37,900 of other operating expenses on account. Lee paid $24,400 of the accounts payable. Lee acquired $21,000 cash from the issue of common stock. The company invested $18,000 cash in the purchase of land.
d. what is the net
e. what is amount of net cash flow from investing activities?
f. what is the amount of net cash flow from financing activities?
g. what amounts of total assets, liabilities, and equity will be reported on the year-end sheet?
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