Concept Check
MKH Company Comparative Balance Sheets
Use the following comparative balance sheets and additional
information to answer questions (1) through (4).
Additional Information for MKH Co. in
20X1:
1. Net income for year 20X1 was $216,000.
2. The company declared and paid a cash dividend of $132,800.
3. The only posting to the net equipment account was for
depreciation expense of $35,000 (i.e., no equipment was
sold).
4. MKH sold land worth $19,200 for $8,000 cash.
5. The company retired $148,400 worth of bonds payable at the
beginning of the year.
1. What was the loss on the sale of land recorded by MKH Company in 20X1?
$11,200 | |
$19,200 | |
$0 | |
$8,000 |
2. What were MKH Company’s cash flows from (for) operating activities in 20X1?
$279,400 | |
$(180,300) | |
$268,200 | |
$233,100 |
3. What were MKH Company’s cash flows from (for) investing activities in 20X1?
$0 | |
$11,200 | |
$19,200 | |
$8,000 |
4. What were MKH Company’s cash flows from (for) financing activities in 20X1?
$(116,500) | |
$(97,100) | |
$(180,300) | |
$(47,500) |
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Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
74,900
$
65,000
Accounts receivable, net
96,500
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Inventory
84,800
118,000
Prepaid expenses
6,500
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145,000
136,000
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)
(19,500
)
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$
370,200
$
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46,000
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