The balance sheet data of Brown Company at the end of 2015 and 2014 follow: Land was

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The balance sheet data of Brown Company at the end of 2015 and 2014 follow:
2015 2014 S30,000 Cash S35,000 Accounts receivable (net) 55,000 45,000 65,000 Inventory 45,000 Prepaid expenses 15,000 2

Land was acquired for $30,000 in exchange for common stock, par $30,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $3,000; book value of the equipment was $6,000. Cash dividends of $10,000 were declared and paid during the year.Compute net cash provided (used) by:
(a) Operating activities
(b) Investing activities
(c) Financing activities

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-1118147290

15th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

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