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MotorBoats, Inc. provided the following information for the current year: No new loans were taken out during the year. Prepare the financing activities section of
MotorBoats, Inc. provided the following information for the current year:
No new loans were taken out during the year.
Prepare the financing activities section of the statement of cash flows for the current year. Show your calculations.
\begin{tabular}{|l|l|} \hline Retained earnings, End of year & $38,000 \\ \hline Retained earnings, Beginning of year & $40,000 \\ \hline Note payable, End of year & $21,000 \\ \hline Note payable, Beginning of year & $24,500 \\ \hline Net income & $32,000 \\ \hline \end{tabular}Step by Step Solution
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