Change in cash; identifying noncash transactions [5 min]
Judy’s Makeup Shops earned net income of $22,000, which included depreciation of $14,000. Judy’s acquired a $119,000 building by borrowing $119,000 on a longterm note payable.
Requirements
1. How much did Judy’s cash balance increase or decrease during the year?
2. Were there any noncash transactions for the company? If so, show how they would be reported in the statement of cash flows.
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