a. Net income was $467,000. b. Issued common stock for $70,000 cash. c. Paid cash dividend of $11,000. d. Paid $120,000 cash to settle a long-term notes payable at its $120,000 maturity value. e. Paid $125,000 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.)

a. Net income was $467,000. b. Issued common stock for $70,000 cash. c. Paid cash dividend of $11,000. d. Paid $120,000 cash to settle a long-term notes payable at its $120,000 maturity value. e. Paid $125,000 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.)

Name: a. Net income was $467,000.b. Issued common stock for $70,000 cash.c.
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Description: a. Net income was $467,000.b. Issued common stock for $70,000 cash.c. Paid cash dividend of $11,000.d. Paid $120,000 cash to settle a long-term notes payable at its $120,000 maturity value.e. Paid $125,000 cash to acquire its treasury stock.f. Purch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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subject :- Accounting
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A company reported net income of $250,000. Beginning balances in Accounts Recelvable and Accounts Payable were $20,000 and $21,000 respectively. Ending balances in these accounts were $10,500 and $29,000, respectively. Assuming that all relevant information has been presented, what is the company's net cash flows from operating activities? Multiple Cholce $259,500. $232,500. $267,500. $250,000.
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On May 1, Year 3, Love Corporation declared a $59,700 cash dividend to be paid on May 31 to shareholders of record on May 15. Required Record the events occurring on May 1 and May 31 in the following horizontal statements model. Also, in the Statement of Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Date May 01 May 31 Assets Balance Sheet Liabilities + • Common Stock LOVE CORPORATION Horizontal Statements Model Retained Revenus Earnings Income Statement Expenses Net Income Flows
25. During the year, Next Tec Corp. had the following cash flows: receipt from customers, $10,000; receipt from the bank for long-term borrowing, $6,000; payment to suppliers, $5,000; payment of dividends, $1,000, payment to workers, $2,000; and payment for machinery, $8,000. What amount would be reported for net financing cash flows on the Statement of Cash Flows? A. B. C. D. $5,000. $2,000. $6,000. ($8,000).
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