FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the
company's transactions:
July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash.
July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and
then the company will pay $21,000.
July 15 - Bought land for $10,000 in cash.
Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of
four years and no salvage value.
Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account.
• Nov. 25 - Sold one-half of land for $4,500 in cash.
Dec. 31 - Paid a dividend of $200 in cash.
How much were financing cash flows for Chuckwagon during 2020?
$29,200
O $29,400
$29,800
O $30,000
None of the above
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Transcribed Image Text:Chuckwagon Company went into business on July 1, 2020. During 2020, following are some of the company's transactions: July 1 - Issued 150 shares of stock to stockholders for a total of $15,000 in cash. July 1 - Borrowed $15,000 from the bank. Chuckwagon will pay nothing until July 1, 2025, and then the company will pay $21,000. July 15 - Bought land for $10,000 in cash. Aug. 1 - Bought equipment for $12,000 in cash. The equipment has an expected useful life of four years and no salvage value. Sep. 30 - Bought inventory for $8,000, one-half in cash and one-half on account. • Nov. 25 - Sold one-half of land for $4,500 in cash. Dec. 31 - Paid a dividend of $200 in cash. How much were financing cash flows for Chuckwagon during 2020? $29,200 O $29,400 $29,800 O $30,000 None of the above
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