QID: #74278

Subject: Accounting Status: Verified Solution Available
Jamison Corp.'s balance sheet accounts as of December 31, 2018 and 2017 and information relating to 2018 activities are presented below.                                                                                                                   December 31,                                                                                                           2018                    2017          Assets         Cash $  440,000                                                                    $  200,000         Short-term investments                                                                600,000              —         Accounts receivable (net)                                                          1,020,000   1,020,000         Inventory                                                                                 1,380,000   1,200,000         Long-term investments                                                                400,000      600,000         Plant assets                                                                             3,400,000   2,000,000         Accumulated depreciation                                                           (900,000)  (900,000)         Patent                                                                                        180,000     200,000                  Total assets                                                                   $6,520,000 $4,320,000         Liabilities and Stockholders' Equity         Accounts payable and accrued liabilities                                  $1,660,000 $1,440,000         Notes payable (nontrade)                                                            580,000              —         Common stock, $10 par                                                            1,600,000   1,400,000         Additional paid-in capital                                                              800,000      500,000         Retained earnings                                                                   1,880,000     980,000                  Total liabilities and stockholders' equity                           $6,520,000 $4,320,000   Information relating to 2018 activities: ·       Net income for 2018 was $1,500,000. ·       Cash dividends of $600,000 were declared and paid in 2018. ·       Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2018 for $360,000. ·       A long-term investment was sold in 2018 for $320,000. There were no other transactions affecting long-term investments in 2018. ·       20,000 shares of common stock were issued in 2018 for $25 a share. ·       Short-term investments consist of treasury bills maturing on 6/30/19. 106.    Net cash provided by Jamison's 2018 operating activities was a.  $1,500,000. b.  $2,120,000. c.  $2,080,000. d.  $2,160,000. 107.     Net cash used in Jamison's 2018 investing activities was a.  $2,320,000. b.  $1,820,000. c.  $1,680,000. d.  $1,720,000. 108.     Net cash provided by Jamison's 2018 financing activities was a.  $480,000. b.  $520,000. c.  $1,080,000. d.  $1,680,000.   regarding Q108 I think Common stock, $10 par     1,600,000   1,400,000 should be financing activities, but it seems like correct answer is $480000 which exclude common stock $10 par... . only considering 20,000 shares of common stock were issued in 2018 for $25 a share+note pay + dividend.
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