mith Company provided the following information on selected transactions for 2019: Net income $20,000,000 Proceeds from short-term borrowings 1,200,000 Proceeds from long-term borrowings 4,000,000 Purchases of fixed assets 3,200,000 Decrease in inventories 8,000,000 Proceeds from sale of Smith's common stock 2,000,000 Depreciation expense 500,000 What is the net increase in cash for the year ended December 31, 2019, as a result of the preceding information?
mith Company provided the following information on selected transactions for 2019: Net income $20,000,000 Proceeds from short-term borrowings 1,200,000 Proceeds from long-term borrowings 4,000,000 Purchases of fixed assets 3,200,000 Decrease in inventories 8,000,000 Proceeds from sale of Smith's common stock 2,000,000 Depreciation expense 500,000 What is the net increase in cash for the year ended December 31, 2019, as a result of the preceding information?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Smith Company provided the following information on selected transactions for 2019:
| Net income | $20,000,000 |
| Proceeds from short-term borrowings | 1,200,000 |
| Proceeds from long-term borrowings | 4,000,000 |
| Purchases of fixed assets | 3,200,000 |
| Decrease in inventories | 8,000,000 |
| Proceeds from sale of Smith's common stock | 2,000,000 |
| 500,000 |
What is the net increase in cash for the year ended December 31, 2019, as a result of the preceding information?
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