Subject:AccountingPrice:4.86 Bought8
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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