Sheridan Companyhad the following transactions during 2017: 1. Issued $197500 of

Question

Sheridan Companyhad the following transactions during 2017:

1. Issued $197500 of par value common stock for cash.
2. Recorded and paid wages expense of $94800.
3. Acquired land by issuing common stock of par value $79000.
4. Declared and paid a cash dividend of $15800.
5. Sold a long-term investment (cost $4740) for cash of $4740.
6. Recorded cash sales of $632000.
7. Bought inventory for cash of $252800.
8. Acquired an investment in Zynga stock for cash of $33180.
9. Converted bonds payable to common stock in the amount of $790000.
10. Repaid a 6-year note payable in the amount of $347600.

What is the net cash provided (used) by investing activities?

($28440).

($107440).

$682560.

$334960

($28440).

Explanation / Answer

Proceeds from sale of long-term investment 4740 Investment in Zynga stock -33180 Net cash provided (used) by investing activities -28440 Option 1 is correct

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.