Problem:
Changes in the balance sheet accounts for My Two Sons company from 6/30/Year 6 to 6/30/Year 7 are:
Increase or (Decrease)
Cash $40,000
Accounts Receivable 100,000
Inventory 150,000
Long-term investments 100,000
Long-lived assets (100,000)
Accumulated Depreciation (30,000)
Accounts payable (20,000)
Mortgage payable (100,000)
Bonds payable 200,000
Common stock, $1 par 150,000
Additional paid-in capital 50,000
Retained earnings 40,000
Additional information for Year 7:
*Bonds were issued for cash at face value.
*Net income was $240,000.
*Dividends of $200,000 were declared and paid.
*Common stock was issued for cash.
*A long-term investment was sold for $80,000 with no gain or loss.
*A new long-term investment was purchased for $180,000.
*Long-lived assets that cost $300,000 were sold for $100,000. The book value of those assets was $75,000 at the time of sale.
*New long-lived assets were purchased for cash.
Based on the above information, what is 1) the net cash flow from operations for Year 7; 2)the net cash flow from investing activities for Year 7; and 3) the net cash flow from financing activities for Year 7? Include figure and whether it is inflow or outflow.