My Music Corporation had the following financial information for 2013. Prepare the investing and financing sections...

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My Music Corporation had the following financial information for 2013. Prepare the investing and financing sections of the statement of cash flows. My Music Corporation Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 365,000 Expenses: Depreciation Expense 23,750 Salaries Expense 115,000 Rent Expense 21,000 Utilities Expense 6,200 Loss on Sale of Equipment 1,600 Total Expenses 167,550 Net Income 197,450 My Music Corporation Balance Sheet December 31, 2013 Assets: 2012 Liabilities & Equity: 374,400 299,300 Accounts Payable 2013 2013 2012 Cash 53,650 47,700 Accounts 115,000 65,000 Taxes Payable 3,750 4,850 Receivable Supplies 2,000 1,500 Total Current Liabilities 57,400 52,550 Inventory 185,000 310,000 Long Term Notes Payable 81,000 Total Current 676,400 675,800 Assets Common Stock 290,000 275,000 Paid in capital in excess of par 230,000 215,000 value, common stock Equipment 155,000 184,500 Total Paid in Capital 520,000 490,000 Less: Accum. (91,000) (95,000) Depreciation 64,000 89,500 Retained Earnings Total Plant Assets 82,000 92,750 TO TAL LIABILITIES AND TO TAL ASSETS 740,400 765,300 740,400 765,300 EQUITY Additional Information: a. Old Equipment was sold for cash. The old equipment had an original cost of $77,000. b. New equipment was purchased for $47,500 cash. No deprecation will be recorded for this equipment in 2013. c. Long term note payable was paid in cash. No new notes were issued this year. d. Common stock was issued for cash. e. Cash dividends were paid to shareholders. Cash Flows from Investing Activities: Net Cash Used by Investing Activities Cash Flows from Financing Activities: Net Cash Used by Financing Activities My Music Corporation had the following financial information for 2013. Prepare the investing and financing sections of the statement of cash flows. My Music Corporation Income Statement For Year Ended December 31, 2013 Revenue: Sales Revenue 365,000 Expenses: Depreciation Expense 23,750 Salaries Expense 115,000 Rent Expense 21,000 Utilities Expense 6,200 Loss on Sale of Equipment 1,600 Total Expenses 167,550 Net Income 197,450 My Music Corporation Balance Sheet December 31, 2013 Assets: 2012 Liabilities & Equity: 374,400 299,300 Accounts Payable 2013 2013 2012 Cash 53,650 47,700 Accounts 115,000 65,000 Taxes Payable 3,750 4,850 Receivable Supplies 2,000 1,500 Total Current Liabilities 57,400 52,550 Inventory 185,000 310,000 Long Term Notes Payable 81,000 Total Current 676,400 675,800 Assets Common Stock 290,000 275,000 Paid in capital in excess of par 230,000 215,000 value, common stock Equipment 155,000 184,500 Total Paid in Capital 520,000 490,000 Less: Accum. (91,000) (95,000) Depreciation 64,000 89,500 Retained Earnings Total Plant Assets 82,000 92,750 TO TAL LIABILITIES AND TO TAL ASSETS 740,400 765,300 740,400 765,300 EQUITY Additional Information: a. Old Equipment was sold for cash. The old equipment had an original cost of $77,000. b. New equipment was purchased for $47,500 cash. No deprecation will be recorded for this equipment in 2013. c. Long term note payable was paid in cash. No new notes were issued this year. d. Common stock was issued for cash. e. Cash dividends were paid to shareholders. Cash Flows from Investing Activities: Net Cash Used by Investing Activities Cash Flows from Financing Activities: Net Cash Used by Financing Activities

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Answer I Cash Flow from Investing Activities Amount Amount Sale of Equipment 4765000 Purchase of Equ... View the full answer