Judys Makeup Shops earned net income of $ 22,000, which included depreciation of $ 16,000. Judys acquired

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Judy’s Makeup Shops earned net income of $ 22,000, which included depreciation of $ 16,000. Judy’s acquired a $ 119,000 building by borrowing $ 119,000 on a long-term note payable.

Requirements

1. How much did Judy’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.

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Horngrens Financial and Managerial Accounting

ISBN: 978-0133255584

4th Edition

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

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Question Posted: Jan 16, 2015 10:30 AM

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Judys Makeup Shops earned net income of $ 22,000, which included depreciation of $ 16,000. Judys acquired

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Requirement 1 Net income 22000 Plus Depreciation Expense 16000 Inc...View the full answer

Horngrens Financial and Managerial Accounting

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