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(Answered) Use the following information for questions 8 through 10. The


Use the following information for questions 8 through 10.

 

The
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Use the following information for questions 8 through 10.,

 

The balance sheet data of Kohler Company at the end of 2013 and 2012 follow:,

 

2013 2012 ,

 

Cash $ 100,000 $ 140,000,

 

Accounts receivable (net) 240,000 180,000,

 

Merchandise inventory 280,000 180,000,

 

Prepaid expenses 40,000 100,000,

 

Buildings and equipment 360,000 300,000,

 

Accumulated depreciation?buildings and equipment (72,000) (32,000),

 

Land 360,000 160,000,

 

Totals $1,308,000 $1,028,000,

 

Accounts payable $272,000 $220,000,

 

Accrued expenses 48,000 72,000,

 

Notes payable?bank, long-term 160,000,

 

Mortgage payable 120,000,

 

Common stock, $10 par 836,000 636,000,

 

Retained earnings (deficit) 32,000 (60,000),

 

$1,308,000 $1,028,000,

 

Land was acquired for $200,000 in exchange for common stock, par $200,000, during the year; all equipment purchased was for cash. Equipment costing $20,000 was sold for $8,000; book value of the equipment was $16,000 and the loss was reported as an ordinary item in net income. Cash dividends of $40,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account. In the statement of cash flows for the year ended December 31, 2013, for Kohler Company:,

 

,

 

8. The net cash provided by operating activities was,

 

a. $112,000. ,

 

b. $132,000.,

 

c. $104,000.,

 

d. $96,000.,

 


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