X Corp has the following budgeted data: Cash, beginning, is 100,000; Cash, ending, is 80,000. Net cash flow provided by financing activities was 30,000; issuance of shares for cash is 50,000; Acquisition of fixed assets costing 80,000 (50% down payment and the balance payable by next year); Gain on sale of certain fixed assets with book value of 10,000, at gain of 5,000. If Accounts receive and Accounts payable increased by 4,000 and 6,000, respectively, what is the budgeted net income / loss? • 22,000 loss • 8,000 loss • 27,000 loss • 8,000 net income • None of the above

X Corp has the following budgeted data: Cash, beginning, is 100,000; Cash, ending, is 80,000. Net cash flow provided by financing activities was 30,000; issuance of shares for cash is 50,000; Acquisition of fixed assets costing 80,000 (50% down payment and the balance payable by next year); Gain on sale of certain fixed assets with book value of 10,000, at gain of 5,000. If Accounts receive and Accounts payable increased by 4,000 and 6,000, respectively, what is the budgeted net income / loss? • 22,000 loss • 8,000 loss • 27,000 loss • 8,000 net income • None of the above

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 6PB: Relevant data from the operating budget of The Framers are: Other data: Capital assets were sold in...

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