Wilma's Vegetable Market had the following transactions during 2017: 1. Issued $25,000 of par value common stock for cash. 2. Recorded and paid wages expense of $10,000. 3. Acquired land by issuing common stock of a par value of $50,000. 4. Declared and paid a cash dividend of $1,000. 5. Sold a long-term investment (cost $3,000) for cash of $3,000. 6. Recorded cash sales of $20,000. 7. Bought inventory for cash of $2,000. 8. Acquired an investment in IBM stock for cash of $6,000. 9. Converted bonds payable to common stock in the amount of $10,000. 10. Repaid a 6-year note payable in the amount of $11,000. What is the net cash provided by investing activities? A. ($50,000) B. $3,000 C. ($3,000) D. ($6,000) E. None of the above
Wilma's Vegetable Market had the following transactions during 2017: 1. Issued $25,000 of par value common stock for cash. 2. Recorded and paid wages expense of $10,000. 3. Acquired land by issuing common stock of a par value of $50,000. 4. Declared and paid a cash dividend of $1,000. 5. Sold a long-term investment (cost $3,000) for cash of $3,000. 6. Recorded cash sales of $20,000. 7. Bought inventory for cash of $2,000. 8. Acquired an investment in IBM stock for cash of $6,000. 9. Converted bonds payable to common stock in the amount of $10,000. 10. Repaid a 6-year note payable in the amount of $11,000. What is the net cash provided by investing activities? A. ($50,000) B. $3,000 C. ($3,000) D. ($6,000) E. None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is the net cash provided by investing activities?
Transcribed Image Text:Wilma's Vegetable Market had the following transactions during 2017:
1. Issued $25,000 of par value common stock for cash.
2. Recorded and paid wages expense of $10,000.
3. Acquired land by issuing common stock of a par value of $50,000.
4. Declared and paid a cash dividend of $1,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $20,000.
7. Bought inventory for cash of $2,000.
8. Acquired an investment in IBM stock for cash of $6,000.
9. Converted bonds payable to common stock in the amount of $10,000.
10. Repaid a 6-year note payable in the amount of $11,000.
What is the net cash provided by investing activities?
A. ($50,000)
B. $3,000
C. ($3,000)
D. ($6,000)
E. None of the above
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