Question

The information below is taken from the accounts of Gabbi Corporation for the year ended December...

The information below is taken from the accounts of Gabbi Corporation for the year ended December 31, 2019. Each account has a normal balance.

_____________________________________________________________________________________________________________________________

Net income $ 314,000

Proceeds from issuance of common stock 103,000

Decrease in inventory 27,000

Proceeds from sale of building at a $15,000

gain 85,000

Decrease in accounts payable 15,000

Purchase of equipment 185,000

Payment of cash dividends 24,000

Depreciation expense 67,000

Decrease in accounts receivable 23,000

Redemption of bonds payable 75,000

Increase in short-term salaries and wages payable 8,000

Proceeds from of land at a $5,000

loss 40,000

Purchase of delivery van 33,000

Cash at beginning of year 205,000

_________________________________________________________________________________

Cash provided (used) by investing activities is: A. ($218,000) B. ($93,000) C. ($178,000) D. $92,000

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Proceeds from sale of building 85,000
Purchase of equipment (185,000)
Proceeds from sale of land 40,000
Purchase of delivery van (33,000)
Cash used by investing activities (93,000)

Option B

Add a comment
Know the answer?
Add Answer to:
The information below is taken from the accounts of Gabbi Corporation for the year ended December...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • The information shown below is taken from the accounts of Waverly Corporation for the year ended...

    The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017 Net income $344,000 Amortization of patent 12,000 Proceeds from issuance of common stock 33,000 Decrease in inventory 37,000 Sale of building at a $15,000 gain 85,000 Decrease in accounts payable 15,000 Purchase of equipment 185,000 Payment of cash dividends 44,000 Depreciation expense 55,000 Decrease in accounts receivable 23,000 Payment of mortgage 85,000 Increase in short-term notes payable 8,000 Sale of land...

  • Problem 2-Statement of cash flows. The information shown below is taken from the accounts of Waverly...

    Problem 2-Statement of cash flows. The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2017 Net income Amortization of patent Proceeds from issuance of common stock Decrease in inventory Sale of building at a $15,000 gain Decrease in accounts payable Purchase of equipment Payment of cash dividends Depreciation expense Decrease in accounts receivable Payment of mortgage Increase in short-term notes payable Sale of land at a $5,000 loss Purchase of delivery...

  • The following is a trial balance for Amalgamated Corporation as of and for the year ended December 31,2018 Credit Debi...

    The following is a trial balance for Amalgamated Corporation as of and for the year ended December 31,2018 Credit Debi $100,000 260,000 Short-term investments Furniture $282,000 27,000 Accounts payable Allowance for doubtful accounts Inventory Supplies inventory Sales returns 298,000 3,000 75,000 Prepaid insurance Copyrights Cost of goods solo Depreciation expense Accumulated depreciation-furniture Patents 4,000 88,000 1,428,000 103,000 4,000 25,000 Retained earnings Discount on bonds payable Amortization expense 15,000 64,000 6,000 250,000 425,000 Land Salaries expense Common stock 225,000 2,000 27,000...

  • Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost...

    Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 230,000 Cost of Goods Sold 93,000 Gross Profit 137,000 Operating Expenses: Salaries Expense $ 57,000 Depreciation Expense Plant Assets 28,000 Total Operating Expenses 85,000 Net Income Before Income Taxes 52,000 Income Tax Expense 8,000 $ Net Income 44,000 c. a. Acquisition of plant assets is $118,000. Of this amount, $105,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale...

  • Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...

    Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500 70,700 Inventory 170,200 187,000 Land 72,700 100,700 Equipment 260,700 200,600 Accumulated depreciation—equipment (65,700 ) (33,500 )    Total $597,200 $558,700 Liabilities and Stockholders’ Equity Accounts payable $35,400 $46,500 Bonds payable 149,800 203,300 Common stock ($1 par) 218,000 173,000 Retained earnings 194,000 135,900    Total $597,200 $558,700 Additional information: 1. Net income for 2020 was $103,600. 2. Cash dividends of $45,500 were declared and paid. 3. Bonds...

  • Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500...

    Velo Company Comparative Balance Sheets December 31 Assets 2020 2019 Cash $72,800 $33,200 Accounts receivable 86,500 70,700 Inventory 170,200 187,000 Land 72,700 100,700 Equipment 260,700 200,600 Accumulated depreciation—equipment (65,700 ) (33,500 )    Total $597,200 $558,700 Liabilities and Stockholders’ Equity Accounts payable $35,400 $46,500 Bonds payable 149,800 203,300 Common stock ($1 par) 218,000 173,000 Retained earnings 194,000 135,900    Total $597,200 $558,700 Additional information: 1. Net income for 2020 was $103,600. 2. Cash dividends of $45,500 were declared and paid. 3. Bonds...

  • The following information is available for Sheridan Company for the year ended December 31, 2022. Beginning...

    The following information is available for Sheridan Company for the year ended December 31, 2022. Beginning cash balance $ 12,000 Accounts payable increase 2,850 Depreciation expense 20,500 Accounts receivable decrease 2,400 Inventory decrease 1,550 Net income 28,600 Cash received for sale of land at book value 52,000 Cash dividends paid 19,000 Income taxes payable decrease 1,950 Cash used to purchase land 40,500 Cash used to redeem bonds 33,000 Cash received from issuing stock 80,000 Prepare a statement of cash flows...

  • Q1. a) Mike Corporation Accounts Department have compiled the following data for the year ended December...

    Q1. a) Mike Corporation Accounts Department have compiled the following data for the year ended December 31st, 2019: 35,000 40.000 Payment of dividends. Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares, Cost of goods sold $ 6,000 Other operating expenses. Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land. 5,000 Depreciation expense $100,000 5.000 30,000 60,000 8.000...

  • a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st...

    a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...

  • a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st...

    a) Mike Corporation. Accounts Department have compiled the following data for the year ended December 31st 2019: 35.000 140.000 Payment of dividends Proceeds from issuance of common shares Sales revenue Increase in operating current assets other than cash Repurchase of common shares Cost of goods sold $ 6,000 Other operating expenses Purchase of equipment 20,000 Decrease in operating current 224,000 liabilities Payment of note payable 30,000 Proceeds from sale of land 5,000 Depreciation expense $100,000 5.000 30.000 60.000 8.000 Prepare...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT