Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and
Question:
______________________ 12/31/2019 __________ 12/31/2018
Notes payable ................. $200,000 ................... $120,000
Required:
1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable.
2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows?
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1 Notes Payable Repayment of principal 0 120000 Beg bal x ...View the full answer
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