financing
Bonita Industries's balance sheet accounts as of December 31, 2021 and 2020 and information relating to 2018 activities are presented below.
| December 31, | |||
| 2021 | 2020 | ||
| Assets | |||
| Cash | $ 439000 | $ 199000 | |
| Short-term investments | 600000 | — | |
| 1000000 | 1000000 | ||
| Inventory | 1360000 | 1190000 | |
| Long-term investments | 398000 | 600000 | |
| Plant assets | 3400000 | 2010000 | |
| Accumulated |
(900000) | (900000) | |
| Patent | 182000 | 201000 | |
| Total assets |
$6479000
|
$4300000
|
|
| Liabilities and |
|||
| Accounts payable and accrued liabilities | $1660000 | $1460000 | |
| Notes payable (nontrade) | 582000 | — | |
| Common stock, $10 par | 1587000 | 1410000 | |
| Additional paid-in capital | 802000 | 500000 | |
| 1848000 | 930000 | ||
| Total liabilities and stockholders' equity |
$6479000
|
$4300000
|
Information relating to 2021 activities:
• Net income for 2021 was $1520000.
• Cash dividends of $602000 were declared and paid in 2021.
• Equipment costing $1010000 and having a carrying amount of $318000 was sold in 2021 for $358000.
• A long-term investment was sold in 2021 for $318000. There were no other transactions affecting long-term investments in 2021.
• 17700 shares of common stock were issued in 2021 for $25 a share.
• Short-term investments consist of treasury bills maturing on 6/30/22.
Net cash provided by Bonita’s 2021 financing activities was
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
