Another machine with a book value of 500 was scrapped and

Assignment Help Accounting Basics

The following information was provided by the treasurer of Linime, Inc., for the year 2012:

Cash sales for the year were $50,000; sales on account totaled $60,000.
Cost of goods sold was 50% of total sales.
All inventory is purchased on account.
Depreciation on equipment was $31,000 for the year.
Amortization of goodwill was $2,000.
Collections of accounts receivable were $38,000.
Payments on accounts payable for inventory equaled $39,000.
Rent expense paid in cash was $11,000.
The company issued 20,000 shares of $10-par stock for $260,000.
Land valued at $106,000 was acquired by issuance of a bond with a par value of $100,000.
Equipment was purchased for cash at a cost of $84,000.
Dividends of $46,000 were declared but not yet paid.
The company paid $15,000 of dividends that had been declared the previous year.
A machine used on the assembly line was sold for $12,000. The machine had a book value of $7,000.
Another machine with a book value of $500 was scrapped and was reported as an ordinary loss. No cash was received on this transaction.
The cash account increased $191,000 during the year to a total of $274,000.

Enter your answers as positive numbers.

Compute the beginning balance in the cash account.
$
How much cash was provided by (or used in) operating activities?
$
How much cash was provided by (or used in) investing activities?
$
How much cash was provided by (or used in) financing activities?
$
Would all the above items, (a) through (p), be reported on a cash flow statement?
-Select-YesNo

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