Question

The following selected account balances were taken from ABC Company's general ledger at January 1, 2023...

The following selected account balances were taken from
ABC Company's general ledger at January 1, 2023 and
December 31, 2023:

                          January 1      December 31
Accounts receivable         56,000         14,000
Short-term notes payable    63,000         37,000
Investments                 22,000         60,000
Retained earnings           34,000         51,000
Mortgage payable           126,000        173,000
Unearned revenue            11,000         24,000
Common stock               100,000        175,000

During 2022, ABC Company reported a net income of
$47,000 and purchased investments for $38,000 cash. 

Calculate the net cash flow from financing activities
for 2023. If your answer is negative, place a minus
sign in front of your answer with no spaces in between
(e.g., -1234).
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1


0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1,...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1, 2022 December 31, 2022 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 4,000 9,000 Investments 69,000 75,000 Accounts receivable 68,000 35,000 Land 58,000 88,000 Notes payable 120,000 95,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from XYZ Company's 2022 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1,...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1, 2022 December 31, 2022 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 4,000 9,000 Investments 69,000 75,000 Accounts receivable 68,000 35,000 Land 58,000 88,000 Notes payable 120,000 95,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from XYZ Company's 2022 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 53,000 Land 58,000 88,000 Notes payable 95,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net...
The following selected account balances were taken from Monk Company's accounting records during 2022: January 1,...
The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 December 31, 2022 Utilities payable 13,000 7,000 Common stock 39,000 88,000 Inventory 42,000 34,000 Long-term notes payable 83,000 67,000 Accounts receivable 17,000 69,000 Salaries payable 12,000 18,000 Retained earnings 46,000 65,000 Accounts payable 75,000 21,000 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory $157,000 Net cash flow - financing activities 11,000 inflow...
ABC Company acquired 41% of Davis Company's common stock for $400,000 on January 1, 2022. During...
ABC Company acquired 41% of Davis Company's common stock for $400,000 on January 1, 2022. During 2022, Davis Company reported a net income of $59,000 and paid dividends to its stockholders totaling $20,000. For 2023, Davis Company earned a net income of $91,000 and paid dividends totaling $38,000. On December 31, 2023, ABC Company sold 10% of its investment in Davis Company for $63,000 cash. Calculate the amount of the gain reported by ABC Company as a result of its...
Balance sheet data for Kilroy Company for 2022 appears below: January 1, 2022 December 31, 2022...
Balance sheet data for Kilroy Company for 2022 appears below: January 1, 2022 December 31, 2022 ASSETS: Cash 27,000 43,000 Accounts receivable 39,000 26,000 Inventory 42,000 88,000 Prepaid insurance 21,000 29,000 Land 37,000 72,000 Equipment 61,000 94,000 Accumulated depreciation <14,000> <25,000> LIABILITIES + EQUITY: Accounts payable 33,000 41,000 Income taxes payable 21,000 15,000 Unearned revenue 25,000 39,000 Notes payable 51,000 75,000 Common stock 34,000 93,000 Retained earnings 49,000 64,000 Kilroy Company's 2022 income statement is given below: Sales revenue 329,000...
The following account balances were taken from the ledger of ABC Company at December 31, 2019...
The following account balances were taken from the ledger of ABC Company at December 31, 2019 before adjustments: Cash $ 42,000 Accounts Receivable 86.000 Allowance for Doubtful Accounts 2,400 Inventory 97,000 Land 62,300 Buildings 142,500 Accumulated Depreciation---Buildings 32,560 Long Term Investments 31,500 Accounts Payable 51,800 Mortgage Payable 122,500 Capital Stock, $5 par 200,000 Retained Earnings, December 31, 2017 26,950 Dividends 40,540 Sales 431,000 Sales Returns 9,560 Sales Discounts 8,440 Cost of Goods Sold 203,420 Selling Expenses 58,300 Administrative Expenses 44,200...
The following account balances at the beginning of January were selected from the general ledger of...
The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Work in process inventory $0 Raw materials inventory $28,800 Finished goods inventory $40,200 Additional data: 1. Actual manufacturing overhead for January amounted to $66,100. 2. Total direct labor cost for January was $64,000. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $248,000 of direct labor cost and $322,400 of...
The following information is taken from the 2022 general ledger of Orange Company. Rent Rent expense...
The following information is taken from the 2022 general ledger of Orange Company. Rent Rent expense $30,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 7,400 Salaries Salaries and wages expense $ 54,000 Salaries and wages payable, January 1 2,000 Salaries and wages payable, December 31 8,000 Sales Sales revenue $160,000 Accounts receivable, January 1 16,000 Accounts receivable, December 31 7,000 Instructions In each case, compute the amount that should be reported in the operating activities section of the...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts...
On January 1, 2020, the general ledger of a Company includes the following account balances: Accounts Debit Credit Cash $ 84,000 Accounts Receivable 53,000 Allowance for Uncollectible Accounts $ 5,000 Inventory 44,000 Building 84,000 Accumulated Depreciation 24,000 Land 214,000 Accounts Payable 34,000 Notes Payable (8%, due in 3 years) 48,000 Common Stock 114,000 Retained Earnings 254,000 Totals $ 479,000 $ 479,000 The $44,000 beginning balance of inventory consists of 400 units, each costing $110. During January 2020, the following transactions...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT