The company provided the following information a Cash

sales for the #6532

The company provided the following information.(a) Cash sales for the year were $50,000.(b)
Sales on account totaled $60,000.(c) Cost of goods sold was $55,000.(d) Depreciation on
equipment was $32,000.(e) Inventory purchases on account totaled $63,000.(f ) Cash
collections of accounts receivable were $38,000.(g) Cash payments on accounts payable for
inventory equaled $69,000.(h) Rent expense paid in cash was $11,000.(i) Bonds payable were
issued for $165,000 in cash.(j) Land valued at $240,000 was acquired in exchange for 20,000
shares of common stock.(k) Equipment was purchased for cash at a cost of $120,000.(l)
$46,000 of dividends that had been declared the previous year were paid in cash.(m) Dividends
of $15,000 were declared but not yet paid.(n) Interest totaling $6,000 was paid in cash during
the year.(o) Interest earned on investments totaled $4,000, all of which was collected in cash.(p)
A machine used on the assembly line was sold for $12,000 in cash. The machine had a book
value of $7,000.(q) Income tax expense for the year totaled $30,000. Of this amount, $25,000
was current and $5,000 was deferred. Of the current amount, $23,000 was paid in cash this
year.1. Compute cash from operating activities assuming the direct method.2. Compute cash
from investing activities.3. Compute cash from financing activities.Use the following information
for Practices 21-2 through 21-4.The company provides the following information:(a) All
purchases of inventory were on account.(b) Sales for the year were $989,400.(c) Cost of goods
sold for the year was $449,200.View Solution:
The company provided the following information a Cash sales for the

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