Reference no: EM132762885
The differences in Beal Inc.'s balance sheet accounts at December 31, 20X10 and 20X9, are presented below:
Increase
(Decrease)
Assets
Cash and cash equivalents $120,000
Short-term investments $300,000
Accounts receivable, net -----
Inventory $80,000
Long-term investments $(100,000)
Plant assets $700,000
Accumulated depreciation -----
$1,100,000
Liabilities and Stockholders' Equity
A/P & accrued liab $(5,000)
Dividends payable $160,000
Short-term bank debt $325,000
Long-term debt $110,000
Common stock, $10 par $100,000
Additional paid-in capital $120,000
Retained earnings $290,000
$1,100,000
The following additional information relates to 20X10:
- The short-term investments were classified as securities available for sale.
- Net income was $790,000.
- Cash dividends of $500,000 were declared.
- Building costing $600,000 and having a carrying amount of $350,000 was sold for $350,000.
- Equipment costing $110,000 was acquired through issuance of long-term debt.
- A long-term investment was sold for $135,000. There were no other transactions affecting long-term investments.
- 10,000 shares of common stock were issued for $22 a share.
Problem 1: In Beal's 20X10 statement of cash flows, net cash provided by financing activities was
A.) $20,000
B.) $45,000
C.) $150,000
D.) $205,000
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