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a. Net income was $478,000. b. Issued common stock for $80,000 cash. c. Paid cash dividend of $10,000. d. Paid $110,000 cash to settle a long-term notes payable at its $110,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from financing activities

a. Net income was $478,000. b. Issued common stock for $80,000 cash. c. Paid cash dividend of $10,000. d. Paid $110,000 cash to settle a long-term notes payable at its $110,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from financing activities

FINANCIAL ACCOUNTING
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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a. Net income was $478,000. b. Issued common stock for $80,000 cash. c. Paid cash dividend of $10,000. d. Paid $110,000 cash to settle a long-term notes payable at its $110,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from financing activities
Transcribed Image Text:a. Net income was $478,000. b. Issued common stock for $80,000 cash. c. Paid cash dividend of $10,000. d. Paid $110,000 cash to settle a long-term notes payable at its $110,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Purchased equipment for $91,000 cash. Use the above information to determine cash flows from financing activities. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from financing activities
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