Judys Makeup Shops earned net income of $22,000, which included depreciation of $14,000. Judys acquired a $119,000

Question:

Judy’s Makeup Shops earned net income of $22,000, which included depreciation of $14,000. Judy’s acquired a $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 noncash 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  book-img-for-question

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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