Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Net income was $468,000. b. Issued common stock for $75,000 cash. c. Paid cash dividend of $12,000. d. Paid $125,000 cash to settle
a. Net income was $468,000. b. Issued common stock for $75,000 cash. c. Paid cash dividend of $12,000. d. Paid $125,000 cash to settle a long-term notes payable at its $125,000 maturity value. e. Paid $119,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Statement of Cash Flows (partial) Cash flows from financing activities Issued common stock $ 75,000 Paid cash dividend Repaid long-term notes payable Purchased treasury stock 12,000 125,000 119,000 Net cash used in investing activities $331,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started