Use the following information for next 3 questions. The balance sheet data of Minx Company...

50.1K

Verified Solution

Question

Accounting

Use the following information for next 3 questions.

The balance sheet data of Minx Company at the end of 2017 and 2016 follow:

2017 2016

Buildings and equipment $180,000 $150,000

Accumulated depreciationbuildings and equipment (36,000) (16,000)

Land 180,000 80,000

Cash 50,000 70,000

Prepaid expenses 20,000 50,000

Inventory 140,000 90,000

Accounts receivable (net) 120,000 90,000

Totals $654,000 $514,000

Share capital-ordinary, $10 par $418,000 $318,000

Retained earnings (deficit) 16,000 (30,000)

Notes payablebank, long-term 80,000

Mortgage payable 60,000

Accrued expenses 24,000 36,000

Accounts payable 136,000 110,000

$654,000 $514,000

Land was acquired for $100,000 in exchange for ordinary shares, par $100,000, during the year; all equipment purchased was for cash. Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported in net income. Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2017, for Minx Company:

a The net cash provided by operating activities was $

b The net cash provided (used) by investing activities was $

c The net cash provided (used) by financing activities was $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students