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MKH Company Comparative Balance Sheets Use the following...

MKH Company Comparative Balance Sheets
Use the following comparative balance sheets and additional information to answer questions (1) through (4).

 


 

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?

$19,200
$8,000
$11,200
$0

 

2. What were MKH Company’s cash flows from (for) operating activities in 20X1?

$268,200
$(180,300)
$233,100
$279,400

 

3. What were MKH Company’s cash flows from (for) investing activities in 20X1?

$19,200
$11,200
$0
$8,000

 

4. What were MKH Company’s cash flows from (for) financing activities in 20X1?

$(180,300)
$(116,500)
$(47,500)

$(97,100)

Answer & Explanation
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