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What is the net increase in cash for the year ended December

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Reference no: EM132892090

Problem - Smith Company provided the following information on selected transactions for 2019:

Net income $20,000,000

Proceeds from short-term borrowings 1,200,000

Proceeds from long-term borrowings 4,000,000

Purchases of fixed assets 3,200,000

Decrease in inventories 8,000,000

Proceeds from sale of Smith's common stock 2,000,000

Depreciation expense 500,000

Required - What is the net increase in cash for the year ended December 31, 2019, as a result of the preceding information?

Reference no: EM132892090

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