Step-by-step solution file
MKH Company Comparative Balance Sheets For the year ended
|Comparative Balance Sheets|
|For the year ended December 31|
|Total current assets||$657,900||$534,400||$123,500|
|Total long-term assets||$647,700||$701,900||$(54,200)|
|Total current liabilities||$196,800||$163,200||$33,600|
|Total liabilities and equity||$1,305,600||$1,236,300||$69,300|
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
2. What were MKH Company?s cash flows from (for) operating activities in 20X1?$268,200
1. What was the loss on the sale of land recorded by MKH Company in 20X1?
Loss on the sale of land = ($19,200 - $8,000)
2. What were MKH Company?s cash flows from (for)...
This question was answered on: Feb 21, 2020
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