Homework Answers
Cash flow from financing activities consists of activities related to issue/repurchase of common stock, repayment of loans, or taking loans etc.
Hence, as per the question, cash from Financing activity is:-
Repurchase by Lucas of its own common stock .... .... ... .....
$24,000
Dividends paid to the company's stockholders ... ... ... ... .....
$53,000
It adds to -77000.
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Current Year
Previous Year
Balance Sheet at
December 31
Cash
$
31,850
$
26,750
Accounts
Receivable
33,000
27,000
Inventory
39,000
37,000
Equipment
106,000
90,000
Accumulated
Depreciation—Equipment
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)
(24,000
)
Total
Assets
$
181,850
$
156,750
Accounts
Payable
$
34,000
$
26,000
Salaries and
Wages Payable
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at December 31. The statements are complete except for the
statement of cash flows. The completed comparative balance sheets
and income statement are summarized:
Current Year
Previous Year
Balance Sheet at
December 31
Cash
$
31,850
$
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Accounts
Receivable
33,000
27,000
Inventory
39,000
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Equipment
106,000
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Accumulated
Depreciation—Equipment
(28,000
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(24,000
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Assets
$
181,850
$
156,750
Accounts
Payable
$
34,000
$
26,000
Salaries and
Wages Payable
1,050...
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