The Turtle Corporation prepared the following comparative balance sheets at December 31, 2014 and 2013:
|
12/31/14 |
12/31/13 |
| Cash |
$77,375 |
(22,955) |
| Marketable Securities |
15,500 |
85,000 |
| Accounts Recievable |
80,000 |
68,250 |
| Inventory |
165,000 |
145,000 |
| Prepaid insurance |
1,500 |
2,000 |
| Land, Buildings, and Equipment |
1,250,000 |
1,250,000 |
| Accumulated depreciation |
(61,000) |
(572,000) |
| Total Assets |
$979,375 |
$830,295 |
|
|
|
| Accounts Payable |
$76,340 |
$102,760 |
| Salaries Payable |
20,000 |
24,500 |
| Notes Payable |
25,000 |
75,000 |
| Bonds Payable |
200,000 |
0 |
| Common Stock |
300,000 |
300,000 |
| Retained Earnings |
358,035 |
328,035 |
| Total Liabilities and Shareholders Equity |
$979,375 |
$830,295 |
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Additional information for the year ended December 31, 2014:
(1.) Sold available-for-sale securities costing $69,500 for $74,000.
(2.) Equipment costing $20,000, with a book value of $5,000, was sold for $6,000.
(3.) Issued 6% bonds payable at par.
(4.) Repaid a portion of a long term bank loan.
(5.) Purchased new equipment for $145,000 cash.
(6.) Paid cash dividends of $20,000.
(7.) Net income for 2014 was $50,000.
(8.) Turtle prepares its cash flows statement under the indirect method.
1.Net cash flows from operating activities on the cash flows statement for 2014 are?
A) Negative $17,670.
B) Positive $35,330.
C) Positive $39,830.
D) Negative $70,670.
2. Net cash flows from investing activities on the cash flows statement for 2014 are?
A) Negative $225,000.
B) Negative $65,000.
C) Negative $70,500.
D) Negative $145,000.
3.Net cash flows from financing activities on the cash flows statement for 2014 are?
A) Negative $130,000.
B) Positive $150,000.
C) Positive $130,000.
D) Negative $70,000.