Jacobson Corporation earned an 84 000 net income during 2014 Machinery

Jacobson Corporation earned an $84,000 net income during 2014. Machinery was sold for $116,000 and a $24,000 loss on the sale was recorded. Machinery purchases totaled $330,000 including a July purchase for which an $80,000 promissory note was issued. Bonds were retired at their face value, and the issuance of new common shares produced an infusion of cash. Jacobson’s comparative balance sheets were as follows:


1. What was Jacobson’s depreciation expense in 2014?
2. What was the amount of cash flow from operating activities?
3. What was the amount of cash flow from investing activities?
4. What was the amount of dividends declared? paid?
5. By what amount would you expect the total inflows of cash to differ from the total outflows of cash?
6. What was the amount of cash flow from financingactivities?

Membership

  • Access to 1 Million+ Textbook solutions
  • Ask any question from 24/7 available
    Tutors
$13.99
START MEMBERSHIP
OR

Non-Members

Relevant Accounting Tutors