Concept Check MKH Company Comparative Balance Sheets Use the following comparative balance sheets and additional information to
Question:
Concept Check
MKH Company Comparative Balance Sheets Use the following comparative balance sheets and additional information to answer questions (1) through (4).
Additional Information for MKH Co. in 20X1: 1. Net income for year 20X1 was $216,000. 2. The company declared and paid a cash dividend of $132,800. 3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold). 4. MKH sold land worth $19,200 for $8,000 cash. 5. The company retired $148,400 worth of bonds payable at the beginning of the year.
1. What was the loss on the sale of land recorded by MKH Company in 20X1?
$11,200 | |
$19,200 | |
$0 | |
$8,000 |
2. What were MKH Company?s cash flows from (for) operating activities in 20X1?
$279,400 | |
$(180,300) | |
$268,200 | |
$233,100 |
3. What were MKH Company?s cash flows from (for) investing activities in 20X1?
$0 | |
$11,200 | |
$19,200 | |
$8,000 |
4. What were MKH Company?s cash flows from (for) financing activities in 20X1?
$(116,500) | |
$(97,100) | |
$(180,300) | |
$(47,500) |
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta