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Consider each of the following independent situations
Consider each of the following independent situations. For each company, provide a brief discussion interpreting these financial data. For example, you might discuss the company's financial health or its apparent growth philosophy. The retained earnings statement of Lee Corporation shows dividends of $68,000, while net income for the year was $75,000. B 1 T, ? ?. 99 á T. O Word(s) The statement of cash flows for Steele Corporation shows that cash provided by operating activities was $10,000, cash used in investing activities was $110,000, and cash provided by financing activities was $130,000. ? ? T, TIX 1 99 á 1 T O Word(s)
Expert Solution
Lee corporation
Retained earnings statement
| $ | |
| Opening Retained earnings | 0 |
| Add : Net income | 75,000 |
| Less : Dividend paid | (68,000) |
| Closing Retained earnings | $ 7,000 |
Closing Retained earnings $ 7,000
Steele corporation
Cash flow statement
| $ | |
| Cash flows from operating activities | 10,000 |
| Cash flows from investing activities | 110,000 |
| Cash flows from financing activities | 130,000 |
| Net increase in cash flows | 250,000 |
| Add: opening cash and cash equivalents | 0 |
| Closing cash and cash equivalents | $ 250,000 |
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