Reference no: EM132705024
Problem 1: Randolf decided to invest in a new roof for the store and the warehouse owned by Comfy Home. The new roof costs $85,000. Assume the new roof is installed and paid for in cash on December 31, 2017 (and there was not yet any depreciation to record on that date). Using the financial statements provided as a basis, what would be the impact on the December 31, 2017 financial statements?
Select all that apply.
Group of answer choices
Option 1: Property, Plant & Equipment on the balance sheet increases by $85,000
Option 2: Accounts Payable on the balance sheet increases by $85,000
Option 3: Net Cash from Operating Activities on the statement of cash flows increases by $85,000
Option 4: Net Cash from Investing Activities on the statement of cash flows decreases by $85,000
Option 5: Cash on the balance sheet decreases by $85,000
Option 6: Investment Expenses on the income statement increases by $85,000
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