At the end of Year 1 Bowers Company had $6,000 of assets, $2,000 of liabilities, $3,000 of common stock, and $1,000 of retained earnings. During Year 2 Bowers experienced the following events.
(1) Borrowed $4,000 cash.
(2) Earned $5,000 of cash revenue.
(3) Paid $3,000 of cash expenses.
(4) Paid $7,000 cash to purchase land
a. what is net income
b. what is CF from IA
c. what is total L?
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Ответ:
a.$2,000
b.($7,000)
c.$2,000
Explanation:
Calculation of Net Income
Revenue $5,000
Less Expenses ($3,000)
Net Income or (Loss) $2,000
Cash Flow from Investing Activities
Purchases of Land ($7,000)
Net Cash from Investing Activities ($7,000)
Calculation of Total Liabilities
Opening Balance (Year 1) $2,000
Cash Borrowed during Year 2 $4,000
Total Liabilities $6,000
Ответ:
uhmmm English
Explanation: