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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     $8,000     $0     $19,200               2. What were MKH Company's cash flows from (for) operating activities in 20X1?     $268,200     ($180,300)     $279,400     $233,100               3. What were MKH Company's cash flows from (for) investing activities in 20X1?     $11,200     $0     $19,200     $8,000               4. What were MKH Company's cash flows from (for) financing activities in 20X1?     ($47,500)     ($97,100)     ($180,300)     ($116,500)

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     $8,000     $0     $19,200               2. What were MKH Company's cash flows from (for) operating activities in 20X1?     $268,200     ($180,300)     $279,400     $233,100               3. What were MKH Company's cash flows from (for) investing activities in 20X1?     $11,200     $0     $19,200     $8,000               4. What were MKH Company's cash flows from (for) financing activities in 20X1?     ($47,500)     ($97,100)     ($180,300)     ($116,500)

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.4.10P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...
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I need this explained in detail, I have tried to solve it multiple times but know I am adding or subtracting something incorrectly. You can use the cash flow statement with different colored pens for the questions and just put a + or - to tell me if you added or subtracted. As much detail as you can go in as I learn best by looking at questions and seeing how the answer was gotten.

 

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
 
 
$8,000
 
 
$0
 
 
$19,200
 
 
 
 
 
 
 
2. What were MKH Company's cash flows from (for) operating activities in 20X1?
 
 
$268,200
 
 
($180,300)
 
 
$279,400
 
 
$233,100
 
 
 
 
 
 
 
3. What were MKH Company's cash flows from (for) investing activities in 20X1?
 
 
$11,200
 
 
$0
 
 
$19,200
 
 
$8,000
 
 
 
 
 
 
 
4. What were MKH Company's cash flows from (for) financing activities in 20X1?
 
 
($47,500)
 
 
($97,100)
 
 
($180,300)
 
 
($116,500)

 

Comparative Balance Sheets For the year ended December 31 20X1 20X0 Change Current assets Cash $324,700 $217,600 $107,100 Accounts receivable 132,600 165,200 (32,600) Inventory 175,100 137,200 37,900 Prepaid rent 25,500 14,400 11,100 Total current assets $657,900 $534,400 $123,500 Long-term assets Land $326,400 $345,600 ($19,200) Equipment (net) 321,300 356.300 (35,000) Total long-term assets $647,700 $701,900 $(54,200). Total assets $1,305,600 $1,236,300 $69,300 Current liabilities Accounts payable $145,800 $131,200 $14,600 Salaries payable 18,700 4,800 13,900 Interest payable 32,300 27,200 5,100 Total current liabilities $196,800 $163,200 $33,600 Long-term liabilities Bonds payable $321,400 $469,800 ($148,400) Stockholders' equity Common stock $535,800 $434,900 $100,900 Retained earnings 251,600 168,400 83,200 Total liabilities and equity $1,305,600 $1,236,300 $69,300
Transcribed Image Text:Comparative Balance Sheets For the year ended December 31 20X1 20X0 Change Current assets Cash $324,700 $217,600 $107,100 Accounts receivable 132,600 165,200 (32,600) Inventory 175,100 137,200 37,900 Prepaid rent 25,500 14,400 11,100 Total current assets $657,900 $534,400 $123,500 Long-term assets Land $326,400 $345,600 ($19,200) Equipment (net) 321,300 356.300 (35,000) Total long-term assets $647,700 $701,900 $(54,200). Total assets $1,305,600 $1,236,300 $69,300 Current liabilities Accounts payable $145,800 $131,200 $14,600 Salaries payable 18,700 4,800 13,900 Interest payable 32,300 27,200 5,100 Total current liabilities $196,800 $163,200 $33,600 Long-term liabilities Bonds payable $321,400 $469,800 ($148,400) Stockholders' equity Common stock $535,800 $434,900 $100,900 Retained earnings 251,600 168,400 83,200 Total liabilities and equity $1,305,600 $1,236,300 $69,300
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