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soldier1979 [14.2K]
2 years ago
5

​Connecticut, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the compar

ative balance​ sheet: ​
Connecticut, Inc.
Comparative Balance Sheet
December​ 31, 2019 and 2018
2019 2018 Increase​ / ​(Decrease)
Cash $ 24,000 $ 25,000 $( 1,000 )
Accounts Receivable 34,000 37,000 ​(3,000​)
Merchandise Inventory 53,000 25,000 28,000
Plant and Equipment 125,000 93,000 32,000
Accumulated Depreciation-Plant and Equipment ​(46,000​) ​(42,000​) ​(4,000​)
Total Assets $ 190,000 $ 138,000 $ 52,000
Additional information provided by the company includes the​ following:
1. Equipment was purchased for $ 69,000 with cash.
2. Equipment with a cost of $ 37, 000 and accumulated depreciation of $ 7,000 was sold for $ 45,000.
Required :
1. What was the amount of net cash provided by​ (used for) investing​ activities?
Business
1 answer:
kompoz [17]2 years ago
5 0

Answer:

$24,000

Explanation:

Given that,

Equipment was purchased = $ 69,000 with cash.

Equipment with a cost = $ 37, 000

Accumulated depreciation = $ 7,000 was sold for $45,000

Net cash provided (used) by investing activities:

= Proceeds from sale of equipment - Equipment purchase for cash

= $ 45,000 - $69,000

= $24,000

Therefore, the amount of net cash provided by​ (used for) investing​ activities is $24,000.

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3 years ago
Which of the following is NOT considered to be one of the main revenue centers at most financial institutions?
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Answer:

money and credit markets,investments,financial management

Explanation:

Finance consists of three interrelated areas: (1) money and credit markets, which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...

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2 years ago
The operations vice president is adjusting the production quantities for the upcoming month of March for the coal company. Last
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Answer:

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Explanation:

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6 0
3 years ago
On June 1, 2015, Ivanhoe Company and Shamrock Company merged to form Bridgeport Inc. A total of 752,000 shares were issued to co
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Solution:

a-1) Calculation of the number of shares used for calculating Basic Earning per share    

No. of shares                         period        

752000                                    3/12                           188000    

1314000                                    9/12                           985500    

Weighted average No of shares outstanding   1173500

a-2) Calculation of the number of shares used for calculating Diluted Earning per share    

                        No. of shares                 period        

                          752000                   3/12                 188000                                     1314000                    3/12                  328500      with Bonds       1340400                    6/12                670200      

Weighted average No of shares outstanding           1186700   

Each bonds to per converted into 44 common stock

i.e. 600 Bonds *44 common=26400 Potential equity shares

b-1) Calculation of earning figures to be used for calculating Basic Earning per share    

After Tax net Income will be earnings = $1614000      

b-2) Calculation of earning figures to be used for calculating Diluted Earning per share    

After tax net Income                                                   1614000      

Interest for the 2017 =600000*7*6/12   21000      

Tax effect on Interest @40%                     8400      12600                                                                                                 1626600

Earnings = 1626600      

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Answer:

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Total Selling Expenses (Summation of all the calculated above working)= $241,000

5 0
3 years ago
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