Question

(24) Two Feet - Momentum Bb Take Test: ACCT 2301 Final Exa x G how to take screenshot on macx + € → C dcccd.blackboard.com/webapps/assessment/take/take.jsp?course_assessment_id=_1389688_1&course_id=_556536_1&content_id=_20067274_1&que... Q * ES *** X Remaining Time: 1 hour, 12 minutes, 18 seconds. Question Completion Status: The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 Revenues $300,000 4,000 Gain on sale of land Total revenues 304,000 127,000 25.000 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 40,000 16,000 12,000 220,000 Net Income $84,000 Track Inc Balance Sheets December, 31 2019 2018 Assets Current Assets: Cash $340,000 $187,000 Accounts receivable 83,000 95,000 Inventory 121,000 138,000

Answer 1

TRACK INC Cash flow statement as on 31 December 2019 Particulars smount Amount operating a chilles so 84000 Net income 40000 Adjustments 6- Depreciation Expenses gain on sale land Decrease in Account receivable - 4000 la 12000 Decrease in inventory 7000 -2000 229 - 18000 - 1OOD 2000 um 130000 increase on porepojd sent Decrease in Accounts payable Decrease in anterest payable Increase in Tax payable Net Cash flow from Activities Operating Investing activities 6- Purchase Investment land with gain of HOOO Net Cash flow from Anverting Qcbrities franaing actibles Issue Common stock Payment of diridend -26000 34000 sale of 8000. 50000 1- 35000
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