Three Gray Ladies, Inc. had the following activities during the year. What would be reported on the Statement of Cash Flows as the net cash flow from investing activities? • Sold equipment with a $50,000 book value for a gain of $12,000. • Paid $34,000 on a long-term note payable. • Received $100,000 from common stock issuance. • Purchased land. Paid a down payment of $10,000. The balance of $90,000 will be paid via a five-year promissory note with quarterly payments. • Purchased an investment of IBM Stock for $5,000. Paid $17,000 cash for purchase of merchandise inventory.

Three Gray Ladies, Inc. had the following activities during the year. What would be reported on the Statement of Cash Flows as the net cash flow from investing activities? • Sold equipment with a $50,000 book value for a gain of $12,000. • Paid $34,000 on a long-term note payable. • Received $100,000 from common stock issuance. • Purchased land. Paid a down payment of $10,000. The balance of $90,000 will be paid via a five-year promissory note with quarterly payments. • Purchased an investment of IBM Stock for $5,000. Paid $17,000 cash for purchase of merchandise inventory.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 10RE: In the current year, Harrisburg Corporation collected 100,000 from its customers and paid out 30,000...

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In the current year, Harrisburg Corporation collected 100,000 from its customers and paid out 30,000 to suppliers, 20,000 to employees, and 8,000 for income taxes. Using the direct method, prepare the operating activities section of its statement of cash flows based on this information.
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