Sheridan's Organic Produce Market had the following transactions during 2022: 1. Issued $47000 of common stock at par for cash. 2. Repaid a 6 year note payable in the amount of $21400. 3. Acquired land by issuing common stock at par for $95000. 4. Declared and paid a cash dividend of $2000. 5. Sold a long-term investment (cost $3400) for cash of $8000. 6. Acquired an investment in IBM stock for cash of $15300. What is the net cash provided (used) by investing activities? $8000 $31000 $15300 ($7300)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Sheridan's Organic Produce Market had the following transactions during 2022:
1. Issued $47000 of common stock at par for cash.
2. Repaid a 6 year note payable in the amount of $21400.
3. Acquired land by issuing common stock at par for $95000.
4. Declared and paid a cash dividend of $2000.
5. Sold a long-term investment (cost $3400) for cash of $8000.
6. Acquired an investment in IBM stock for cash of $15300.
What is the net cash provided (used) by investing activities?
O $8000
O $31000
O $15300
O ($7300)
Transcribed Image Text:Sheridan's Organic Produce Market had the following transactions during 2022: 1. Issued $47000 of common stock at par for cash. 2. Repaid a 6 year note payable in the amount of $21400. 3. Acquired land by issuing common stock at par for $95000. 4. Declared and paid a cash dividend of $2000. 5. Sold a long-term investment (cost $3400) for cash of $8000. 6. Acquired an investment in IBM stock for cash of $15300. What is the net cash provided (used) by investing activities? O $8000 O $31000 O $15300 O ($7300)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education