Jerrys Wedding Shops earned net income of $22,000, which included depreciation of $16,000. Jerrys Wedding Shops acquired
Question:
Jerry’s Wedding Shops earned net income of $22,000, which included depreciation of $16,000. Jerry’s Wedding Shops acquired a $119,000 building by borrowing $119,000 on a long-term note payable.
Requirements
1. How much did Jerry’s Wedding Shops’ 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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Related Book For 
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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