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akaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows:   Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable   $31,900     $28,400   Dividends payable

akaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows:   Dec. 31, 20Y7 Dec. 31, 20Y6 Accounts payable   $31,900     $28,400   Dividends payable

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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Takaki Inc. reported net income of $53,000 for 20Y7. The liability and equity accounts from the company’s comparative balance sheet are as follows:

  Dec. 31, 20Y7 Dec. 31, 20Y6
Accounts payable   $31,900     $28,400  
Dividends payable   5,000     3,000  
Common stock, $5 par value   80,000     75,000  
Paid-in capital in excess of par-common stock   37,000     30,000  
Retained earnings   130,600     81,600  

During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share.

Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.



Takaki Inc.
Statement of Cash Flows (partial)

Cash flows from (used for) financing activities:    
 
 $Cash received from issuing common stock  
 
 Cash dividends  
 
   $Net cash flows from financing activities
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