Swans Machinery Ltd Reported a Net Profit of $3,000,000 for the Year

question 22

Multiple Choice

Swans Machinery Ltd reported a net profit of $3,000,000 for the year ended 30 June 2009. The following changes occurred in the balance sheet:

Additional information:
During the year Swans Ltd sold equipment with a cost of $250,000 and had accumulated depreciation of $120,000 for a gain of $50,000.
On 30 June 2009 Swans Ltd purchased equipment costing $500,000 with $200,000 in cash and a note payable for $300,000.
Depreciation expense for the year was $520,000
What is the amount of net cash from operating activities and net cash used in investing activities, respectively for the year ended 30 June 2009?

• A) $3,470,000; ($20,000);
• B) $3,520,000; ($20,000);
• C) $3,470,000; (200,000);
• D) $3,520,000; ($500,000);
• E) None of the given answers.

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