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  1. business
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  3. orp. reported net income of $420,000 for 2017. cha

orp. reported net income of $420,000 for 2017. Changes occurred in several balance sheet accounts...

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Accounting

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orp. reported net income of $420,000 for 2017. Changes occurred in several balance sheet accounts as follows: Equipment Note payable Additional information: $35,000 increase 56,000 increase 42,000 increase During 2017, Patton sold equipment costing $35,000, with accumulated depreciation of $16,800, for a gain of $7.000 In December 2017, Patton purchased equipment costing $70,000 with $28,000 cash and a l 2% note payable of $42,000. Depreciation expense for the year was $72,800. In Patton's 2017 statement of cash flows, net cash used in investing activities should be a. $49,000 b. $30,800. c. $2,800. d. $16,800. 13. Which of the following accounts would not be affected if a company failed to report returns of mercha sold? a. Cost of goods sold

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