Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: Notes payable Common stock Retained earnings 12/31/2019 12/31/2018 $95,000 $75,000 120,000 20,000 80,000 36,000 Madison reported net income of $28,000 for the year ended December 31, 2019. In addition, Madison repaid $63,000 of the notes payable during 2019. Required: Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows (outflows).
Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: Notes payable Common stock Retained earnings 12/31/2019 12/31/2018 $95,000 $75,000 120,000 20,000 80,000 36,000 Madison reported net income of $28,000 for the year ended December 31, 2019. In addition, Madison repaid $63,000 of the notes payable during 2019. Required: Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows (outflows).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Brief Exercise 11-31 (Algorithmic)
Determining Net Cash Flow from Financing Activities
Madison Company reported the following information:
Notes payable
Common stock
Retained earnings
12/31/2019
12/31/2018
$95,000
$75,000
120,000
20,000
80,000
36,000
Madison reported net income of $28,000 for the year ended December 31, 2019. In addition, Madison repaid $63,000 of the notes payable
during 2019.
Required:
Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows (outflows).
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