10,000 20,000 13,000 110,000 34,000 187,000 5,000 19,000 10,000 70,000 4,000 108

Question

10,000 20,000 13,000 110,000 34,000 187,000 5,000 19,000 10,000 70,000 4,000 108,000 ash unts Receivable Merchandise Inventory Buildings Land Totals 3,000 40,000 32,000 76,000 36,000 187,000 8,000 25,000 20,000 35,000 20,000 108,000 ounts Payable um Depre-Buildings Bonds Payable (due 2050) Common Stock ($1 par value) Retained Earnings Totals SALLY COMPANY INCOME STATEMENT For The Year Ended December 31, 2012 132,000 93,000 15,000 24,000 es Cost of Goods Sold Depreciation Expense Net Income ditional Data: 1. Sally declared and paid cash dividends of $8,000 during 2012. Issued $12,000 of Bonds Payable at face value during 2012 for cash. Purchased Land during 2012 for cash. Issued 41,000 shares of common stock at par for cash during 2012. Constructed an addition to the Buildings during 2012 for cash The net amount of cash received (used) for investing activities during 2012 is: $(55,000) $(40,000) O $(95,000) $(70,000)

Explanation / Answer

Land purchased for cash during 2012 = 34,000 - 4,000 = 30,000

Construction in addition to the building for cash during 2012 = 110,000 - 70,000 = 40,000

The net amount of cash received (used) for investing activities during 2012 = Land purchased for cash during 2012 + Construction in addition to the building for cash during 2012

= (30,000 + 40,000)

= (70,000)

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