Using the following information, answer the questions that follow.

XYZ COMPANIES

Income and Expense Statement

for the year ending December $31,2022$

Sales $$2837503$

Cost of Goods Sold

$908001$

 Gross Profit $1929502$

Salaries Expense $567501$

Depreciation and amortization expense $425625$

Insurance expense $11350$

Interest Expense $17025$

Loss from sale of patent $2838$

Gain from the sale of land $1419$

 Total Expenses and others $1022920$

Income Before Taxes $906582$

Tax Expense $271975$

NET INCOME $634608$



Partial information of the Comparative Statement of Financial Situation $($Balance Sheet$)$

$($Excluding cash, all current asset and current debt accounts of the company are summarized here.$)$

$12/31/2212/31/21$ change

Accounts Receivable $$198625$ $$241188$ decrease $$42563$

Inventory $354688283750$ increase $70938$

Prepaid insurance $76614256$ increase $3405$

Accounts Payable $70938141875$ decrease $70938$

Salaries payable $70942838$ increase $4256$

Interest Payable $14188$

$11350$ increase $2838$

Taxes Payable $2411925538$ decrease $1419$



Other information:

$1.$ During the year, the company sold land with a book value of $$255,375.$

$2.$ During the year, the company sold a patent with a book value of $$85,125.$

$3.$ During the year, the company acquired equipment for $$397,250$ in cash.

$4.$ During the year, the company issued common stock for $$46,819,$ acquired shares of stock for $$2,554,$ and paid dividends of $$3,689.$

Determine Net Cash from Investing Activities.

Enter your answer WITHOUT using a dollar symbol. If the answer is negative, indicate the negative.

Answer rating: 100% (QA)

Net Cash from Investing Activities Cash received from the sale of land 255375 ... View the full answer