Crystal Clear Cleaning reported the following balance sheets and income statement: Balance Sheets at December 31...
Crystal Clear Cleaning reported the following balance sheets and income statement:
|
Balance Sheets at December 31 |
Year 2 |
Year 1 |
|
Cash |
$ 1,400 |
$ 6,000 |
|
Accounts receivable |
13,500 |
12,000 |
|
Inventory |
9,800 |
4,500 |
|
Prepaid insurance |
1,200 |
900 |
|
Equipment, net |
37,500 |
38,000 |
|
Total assets |
$63,400 |
$61,400 |
|
Accounts payable |
$13,100 |
$12,600 |
|
Wages payable |
7,400 |
8,000 |
|
Common stock |
32,000 |
31,000 |
|
Retained earnings |
10,900 |
9,800 |
|
Total liabilities & shareholders' equity |
$63,400 |
$61,400 |
|
Income Statement for Year 2 |
|
Sales |
$104,500 |
|
Cost of goods sold |
49,500 |
|
Depreciation expense |
5,700 |
|
Other operating expenses |
27,800 |
|
Income taxes expense |
6,000 |
|
Net income |
$ 15,500 |
How much is the company's cash flow for financing activities?
Select one:
A. $(13,400)
B. $ 1,000
C. $ (9,900)
D. $ (2,100)
Homework Answers
| Cash flow from financing activities | |
| Issue Common Stock | 1000 |
| Dividend paid (9800+15500-10900) | -14400 |
| Net cash used in financing activities | -13400 |
So answer is a) $(13400)
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Crystal Clear Cleaning reported the following balance sheets and
income statement:
Balance Sheets at December 31...
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