Use the following balance sheet for problems 19 through 21: Dec 31st Dec 31st 2019 2018 Cash 30,000 55,000 65,000 15,000 72,000 40,000 277,000 65,000 15,000 35,000 45,000 45,000 25,000 67,000 40,000 257,000 52,000 18,000 23,000 Accounts Receivable Inventory Prepaid expenses Equipment, Net Land Total Assets Accounts Payable Income tax payable Long-term notes payable Bonds payable 30,000 159,000 8,000 277,000 Common stock 159,000 5,000 257,000 R/E Total Liabilities & Equity Additional information: > Equipment costing $10,000 with accumulated depreciation of $4,000 was sold for a loss of $3,000. > All equipment purchases during the year were for cash. > The beginning and ending bal respectively. > Net income for 2019 was $20,000. Depreciation expense for 2019 was $14,000. Accumulated Depreciation was $8,000 and $18,000,
Use the following balance sheet for problems 19 through 21: Dec 31st Dec 31st 2019 2018 Cash 30,000 55,000 65,000 15,000 72,000 40,000 277,000 65,000 15,000 35,000 45,000 45,000 25,000 67,000 40,000 257,000 52,000 18,000 23,000 Accounts Receivable Inventory Prepaid expenses Equipment, Net Land Total Assets Accounts Payable Income tax payable Long-term notes payable Bonds payable 30,000 159,000 8,000 277,000 Common stock 159,000 5,000 257,000 R/E Total Liabilities & Equity Additional information: > Equipment costing $10,000 with accumulated depreciation of $4,000 was sold for a loss of $3,000. > All equipment purchases during the year were for cash. > The beginning and ending bal respectively. > Net income for 2019 was $20,000. Depreciation expense for 2019 was $14,000. Accumulated Depreciation was $8,000 and $18,000,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
19) Compute net
20) Compute net cash flow from investing activities (in the excel submission workbook, enter net cash PROVIDED by investing activities as a POSITIVE number, and net cash USED by investing activities as a NEGATIVE number).
21) Compute net cash flow from financing activities (in the excel submission workbook, enter net cash PROVIDED by financing activities as a POSITIVE number, and net cash USED by financing activities as a NEGATIVE number).
Transcribed Image Text:Use the following balance sheet for problems 19 through 21:
Dec 31st
Dec 31st
2019
2018
Cash
30,000
55,000
65,000
15,000
72,000
40,000
277,000
65,000
15,000
35,000
45,000
45,000
25,000
67,000
40,000
257,000
52,000
18,000
23,000
Accounts Receivable
Inventory
Prepaid expenses
Equipment, Net
Land
Total Assets
Accounts Payable
Income tax payable
Long-term notes payable
Bonds payable
30,000
159,000
8,000
277,000
Common stock
159,000
5,000
257,000
R/E
Total Liabilities & Equity
Additional information:
> Equipment costing $10,000 with accumulated depreciation of $4,000 was sold for a loss of
$3,000.
> All equipment purchases during the year were for cash.
> The beginning and ending bal
respectively.
> Net income for 2019 was $20,000. Depreciation expense for 2019 was $14,000.
Accumulated Depreciation was $8,000 and $18,000,
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