The starting and ending balances for relevant asset and liability accounts that changed during the year...

 

Transcribed Image Text:

The starting and ending balances for relevant asset and liability accounts that changed during the year are presented below. Net income was $650,000 for the year and dividends paid were $150,000. Depreciation expense for 2020 was $7,000, and all other changes in accumulated depreciation and property, plant, and equipment related to the sale of property at book value. No other non-cash transactions occurred. Use this information to calculate the net cash inflows (outflows) from investing and financing activities in 2020. Short-term notes receivable Bonds receivable Property, plant, and equipment Accumulated depreciation Short-term notes payable Bonds payable Contributed capital Beginning $40,000 50,000 850,000 10,000 237,000 350,000 400,000 Ending $45,000 150,000 825,000 16,000 187,000 500,000 480,000 The starting and ending balances for relevant asset and liability accounts that changed during the year are presented below. Net income was $650,000 for the year and dividends paid were $150,000. Depreciation expense for 2020 was $7,000, and all other changes in accumulated depreciation and property, plant, and equipment related to the sale of property at book value. No other non-cash transactions occurred. Use this information to calculate the net cash inflows (outflows) from investing and financing activities in 2020. Short-term notes receivable Bonds receivable Property, plant, and equipment Accumulated depreciation Short-term notes payable Bonds payable Contributed capital Beginning $40,000 50,000 850,000 10,000 237,000 350,000 400,000 Ending $45,000 150,000 825,000 16,000 187,000 500,000 480,000

Answer rating: 100% (QA)

Step 11 Cash Flow from Financing activities Change in Bonds payabl... View the full answer