MKH Company

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MKH Company Comparative Balance Sheets For the year ended
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MKH Company
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


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)
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)

 


 

$

 


 

Answer: A

 


 

=

 


 

11,200

 


 

2. What were MKH Company?s cash flows from (for)...

 







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