When I check my work it says that this is incomplete. Can you tell me what I have not done to complete this?Additional information:Purchase investment in bonds for $107,000Sell land cost and $32,000 for only $23,800 resulting in a $8200 loss on sale of landPurchase $62,000 in equipment by issuing a $62,000 long-term note payable to the seller. No cash is exchanged in the transactionDeclare and pay a cash dividend of $26,000My final line in my statement of cash flow’s under the non-cash activities is purchase equipment issuing a note payable for $62,000. I couldn’t fit it in the photo. Cash Flows from Operating Activities:$104,800Adjustments to reconcile net income to net cash flows from operating activities:Increase in accounts receivable(21,200)Decrease in inventory32,000Increase in prepaid rent(6,240)8,200Loss (on sale of land)Net cash flows from operating activities2$117,560Cash Flows from Investing Activities:Purchase investment in bonds(107,000)Net cash flows from investing activities(107,000)Cash Flows from Financing Activities:Payment of cash dividends$(26,000)Net cash flows from financing activities(26,000)Net increase in cash18.960Cash at the beginning of the period160,760Cash at the end of the period2$179,720Note: Noncash Activities< Prev1 of 1 =Next >888F2F3F5F6%232$%36.7. Net sales$3,136,000Expenses:Cost of goods soldOperating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expenses$2,050,000878,00029,0008,20016,00050,0003,031,200Net income104,800VIDEO PHONES, INC.Balance SheetsDecember 3120212020AssetsCurrent assets:Cash$179,72083,200105,00012,480$160,76062,000137,0006,240esAccounts receivableInventoryPrepaid rentLong-term assets:Investments107,000212,000274,000(71,400)LandEquipmentAccumulated depreciation244,000212,000(42,400)Total assets$902,000$779,600Liabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earnings$ 67,800$ 83,0006,20015,20010,40014,200289,000227,000320,000203,800320,000125,000Total liabilities and stockholders' equity$902,000$779,600< Prev1 of 1Next >F2F3F6%23%244.36.7.8.9.WR

Cash flow statement is a statement which provides details of all cash inflows and cash outflows of…

Answered: When I check my work it says that this…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

When I check my work it says that this is incomplete. Can you tell me what I have not done to complete this? Additional information: Purchase investment in bonds for $107,000 Sell land cost and $32,000 for only $23,800 resulting in a $8200 loss on sale of land Purchase $62,000 in equipment by issuing a $62,000 long-term note payable to the seller. No cash is exchanged in the transaction Declare and pay a cash dividend of $26,000 My final line in my statement of cash flow’s under the non-cash activities is purchase equipment issuing a note payable for $62,000. I couldn’t fit it in the photo.

Cash Flows from Operating Activities:
$
104,800
Adjustments to reconcile net income to net cash flows from operating activities:
Increase in accounts receivable
(21,200)
Decrease in inventory
32,000
Increase in prepaid rent
(6,240)
8,200
Loss (on sale of land)
Net cash flows from operating activities
2$
117,560
Cash Flows from Investing Activities:
Purchase investment in bonds
(107,000)
Net cash flows from investing activities
(107,000)
Cash Flows from Financing Activities:
Payment of cash dividends
$
(26,000)
Net cash flows from financing activities
(26,000)
Net increase in cash
18.960
Cash at the beginning of the period
160,760
Cash at the end of the period
2$
179,720
Note: Noncash Activities
< Prev
1 of 1 =
Next >
888
F2
F3
F5
F6
%23
2$
%
3
6.
7.

Net sales
$3,136,000
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Loss on sale of land
Interest expense
Income tax expense
Total expenses
$2,050,000
878,000
29,000
8,200
16,000
50,000
3,031,200
Net income
104,800
VIDEO PHONES, INC.
Balance Sheets
December 31
2021
2020
Assets
Current assets:
Cash
$179,720
83,200
105,000
12,480
$160,760
62,000
137,000
6,240
es
Accounts receivable
Inventory
Prepaid rent
Long-term assets:
Investments
107,000
212,000
274,000
(71,400)
Land
Equipment
Accumulated depreciation
244,000
212,000
(42,400)
Total assets
$902,000
$779,600
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
Interest payable
Income tax payable
Long-term liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
$ 67,800
$ 83,000
6,200
15,200
10,400
14,200
289,000
227,000
320,000
203,800
320,000
125,000
Total liabilities and stockholders' equity
$902,000
$779,600
< Prev
1 of 1
Next >
F2
F3
F6
%23
%24
4.
3
6.
7.
8.
9.
W
R

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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