Additional Information for MKH Co. in 20X1: 1. Net income for year 20X1 was $216,000. 2. The company declared and paid a cash dividend of $132,800. 3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold). 4. MKH sold land worth $19,200 for $8,000 cash. 5. The company retired $148,400 worth of bonds payable at the beginning of the year. 1. What was the loss on the sale of land recorded by MKH Company in 20X1? $11,200 $8,000 $0 $19,200 2. What were MKH Company's cash flows from (for) operating activities in 20X1? $268,200 ($180,300) $279,400 $233,100 3. What were MKH Company's cash flows from (for) investing activities in 20X1? $11,200 $0 $19,200 $8,000 4. What were MKH Company's cash flows from (for) financing activities in 20X1? ($47,500) ($97,100) ($180,300) ($116,500)
Additional Information for MKH Co. in 20X1: 1. Net income for year 20X1 was $216,000. 2. The company declared and paid a cash dividend of $132,800. 3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold). 4. MKH sold land worth $19,200 for $8,000 cash. 5. The company retired $148,400 worth of bonds payable at the beginning of the year. 1. What was the loss on the sale of land recorded by MKH Company in 20X1? $11,200 $8,000 $0 $19,200 2. What were MKH Company's cash flows from (for) operating activities in 20X1? $268,200 ($180,300) $279,400 $233,100 3. What were MKH Company's cash flows from (for) investing activities in 20X1? $11,200 $0 $19,200 $8,000 4. What were MKH Company's cash flows from (for) financing activities in 20X1? ($47,500) ($97,100) ($180,300) ($116,500)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
I need this explained in detail, I have tried to solve it multiple times but know I am adding or subtracting something incorrectly. You can use the cash flow statement with different colored pens for the questions and just put a + or - to tell me if you added or subtracted. As much detail as you can go in as I learn best by looking at questions and seeing how the answer was gotten.
Additional Information for MKH Co. in 20X1:
1. Net income for year 20X1 was $216,000.
2. The company declared and paid a cash dividend of $132,800.
3. The only posting to the net equipment account was for depreciation expense of $35,000 (i.e., no equipment was sold).
4. MKH sold land worth $19,200 for $8,000 cash.
5. The company retired $148,400 worth of bonds payable at the beginning of the year.
1. What was the loss on the sale of land recorded by MKH Company in 20X1?
$11,200
$8,000
$0
$19,200
2. What were MKH Company's cash flows from (for) operating activities in 20X1?
$268,200
($180,300)
$279,400
$233,100
3. What were MKH Company's cash flows from (for) investing activities in 20X1?
$11,200
$0
$19,200
$8,000
4. What were MKH Company's cash flows from (for) financing activities in 20X1?
($47,500)
($97,100)
($180,300)
($116,500)
![Comparative Balance Sheets
For the year ended December 31
20X1
20X0
Change
Current assets
Cash
$324,700
$217,600
$107,100
Accounts receivable
132,600
165,200
(32,600)
Inventory
175,100
137,200
37,900
Prepaid rent
25,500
14,400
11,100
Total current assets
$657,900
$534,400
$123,500
Long-term assets
Land
$326,400
$345,600
($19,200)
Equipment (net)
321,300
356.300
(35,000)
Total long-term assets
$647,700
$701,900
$(54,200).
Total assets
$1,305,600
$1,236,300
$69,300
Current liabilities
Accounts payable
$145,800
$131,200
$14,600
Salaries payable
18,700
4,800
13,900
Interest payable
32,300
27,200
5,100
Total current liabilities
$196,800
$163,200
$33,600
Long-term liabilities
Bonds payable
$321,400
$469,800
($148,400)
Stockholders' equity
Common stock
$535,800
$434,900
$100,900
Retained earnings
251,600
168,400
83,200
Total liabilities and equity
$1,305,600
$1,236,300
$69,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa13945a9-c0dd-4d27-bf26-4a47b11dfca4%2F9348099d-99e9-4238-9b1f-fa741a8cf260%2Fiado6le_processed.png&w=3840&q=75)
Transcribed Image Text:Comparative Balance Sheets
For the year ended December 31
20X1
20X0
Change
Current assets
Cash
$324,700
$217,600
$107,100
Accounts receivable
132,600
165,200
(32,600)
Inventory
175,100
137,200
37,900
Prepaid rent
25,500
14,400
11,100
Total current assets
$657,900
$534,400
$123,500
Long-term assets
Land
$326,400
$345,600
($19,200)
Equipment (net)
321,300
356.300
(35,000)
Total long-term assets
$647,700
$701,900
$(54,200).
Total assets
$1,305,600
$1,236,300
$69,300
Current liabilities
Accounts payable
$145,800
$131,200
$14,600
Salaries payable
18,700
4,800
13,900
Interest payable
32,300
27,200
5,100
Total current liabilities
$196,800
$163,200
$33,600
Long-term liabilities
Bonds payable
$321,400
$469,800
($148,400)
Stockholders' equity
Common stock
$535,800
$434,900
$100,900
Retained earnings
251,600
168,400
83,200
Total liabilities and equity
$1,305,600
$1,236,300
$69,300
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education