Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Orange Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for the year: 1. Long-Term Notes
Orange Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for the year: 1. Long-Term Notes Payable, beginning balance, $80,000 2. Long-Term Notes Payable, ending balance, $70,000 3. Common Stock, beginning balance, $3300 4. Common Stock, ending balance, $29,000 5. Retained Earnings, beginning balance, $75,000 6. Retained Earnings, ending balance, $115,000 7. Treasury Stock, beginning balance, $6000 8. Treasury Stock, ending balance, $10,200 9. No stock was retired. 10. No treasury stock was sold. 11. During the year, the company repaid $36,000 of long-term notes payable. 12. During the year, the company borrowed $26,000 on new long-term notes payable. 13. Net income for the year was $51,000. 14. Assume all dividends declared during the year were paid. What is the net cash provided by financing activities?
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