S-9 Computing the change in cash; identifying non-cash transactions Learni Jennifer's Wedding Shops earned net income of $27,000, which included depreciation of $16,000. Jennifer's acquired a $119,000 building by borrowing $119,000 on a long- term note payable. Requirements 1. How much did Jennifer's cash balance increase or decrease during the year? 2. Were there any non-cash transactions for the company? If so, show how they would be reported in the statement of cash flows. .... ·....

S-9 Computing the change in cash; identifying non-cash transactions Learni Jennifer's Wedding Shops earned net income of $27,000, which included depreciation of $16,000. Jennifer's acquired a $119,000 building by borrowing $119,000 on a long- term note payable. Requirements 1. How much did Jennifer's cash balance increase or decrease during the year? 2. Were there any non-cash transactions for the company? If so, show how they would be reported in the statement of cash flows. .... ·....

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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7-3 A