Lexington Enterprises, Inc. reported net income of $52,000 for the year ended December 31, 2023. Included in net income were depreciation expenses of $9,600 and a gain on the sale of equipment of $2,200. The equipment had a historical cost of $45,000 and accumulated depreciation of $28,000. Each of the following accounts increased during 2023: Patents = $6,300 Prepaid Rent = $7,400 Available-for-Sale Securities = $1,500 Bonds Payable = $6,500 What is the amount of cash provided by or used by investing activities for Lexington Enterprises, Inc. for the year ended December 31, 2023?

Lexington Enterprises, Inc. reported net income of $52,000 for the year ended December 31, 2023. Included in net income were depreciation expenses of $9,600 and a gain on the sale of equipment of $2,200. The equipment had a historical cost of $45,000 and accumulated depreciation of $28,000. Each of the following accounts increased during 2023: Patents = $6,300 Prepaid Rent = $7,400 Available-for-Sale Securities = $1,500 Bonds Payable = $6,500 What is the amount of cash provided by or used by investing activities for Lexington Enterprises, Inc. for the year ended December 31, 2023?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 13P: Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended...

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