Net fixed assets" 403,000 Land 49,440 49,600 Total assets 618,000 620,000 30,900 24,800 Notes payable Accounts payable 74,160 62,000 Accruals 18,540 24,800 Current portion of LT Debt 80,340 86,800 Total current liabilities 203,940 198,400 Long-term debt 191,580 192,200 Common stock 18,540 24,800 Capital surplus 74,160 80,600 Retained earnings 129,780 124,000 Total liabilities and equity 618,000 620,000 Additional Data from Company Income Statement(s): Sales in Year 2 1,240,000 Net income in Year 2 24,800 Depreciation expense in Year 1 111,240 Depreciation expense in Year 2 117,800 * No long-term assets were sold in either Year 1 or Year 2 37. What did LukaDonc, Incorporated report as Net Cash Flow from Operating Activities for Year 2? 38. What did LukaDonc, Incorporated report as Net Cash Flow from Investing Activities for Year 2? 39. What did LukaDonc, Incorporated report as Net Cash Flow from Financing Activities for Year 2? 401,7

Net fixed assets" 403,000 Land 49,440 49,600 Total assets 618,000 620,000 30,900 24,800 Notes payable Accounts payable 74,160 62,000 Accruals 18,540 24,800 Current portion of LT Debt 80,340 86,800 Total current liabilities 203,940 198,400 Long-term debt 191,580 192,200 Common stock 18,540 24,800 Capital surplus 74,160 80,600 Retained earnings 129,780 124,000 Total liabilities and equity 618,000 620,000 Additional Data from Company Income Statement(s): Sales in Year 2 1,240,000 Net income in Year 2 24,800 Depreciation expense in Year 1 111,240 Depreciation expense in Year 2 117,800 * No long-term assets were sold in either Year 1 or Year 2 37. What did LukaDonc, Incorporated report as Net Cash Flow from Operating Activities for Year 2? 38. What did LukaDonc, Incorporated report as Net Cash Flow from Investing Activities for Year 2? 39. What did LukaDonc, Incorporated report as Net Cash Flow from Financing Activities for Year 2? 401,7

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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