During the month of August, IQPC COMPANY had the following transactions: 1. Revenues of $123,000 were earned and received in cash. 2. Bank loans of $20,250 were paid off. 3. Equipment of $43,000 was purchased with cash. 4. Expenses of $75,100 were paid. 5. Stockholders purchased additional shares for $47,000 cash. A statement of cash flows for August would report net cash flows from financing activities of: a. 26,750. b. 31,650. c. 43,000. d. 47,900
During the month of August, IQPC COMPANY had the following transactions: 1. Revenues of $123,000 were earned and received in cash. 2. Bank loans of $20,250 were paid off. 3. Equipment of $43,000 was purchased with cash. 4. Expenses of $75,100 were paid. 5. Stockholders purchased additional shares for $47,000 cash. A statement of cash flows for August would report net cash flows from financing activities of: a. 26,750. b. 31,650. c. 43,000. d. 47,900
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.2E
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
Transcribed Image Text:During the month of August, IQPC COMPANY had the following
transactions:
1. Revenues of $123,000 were earned and received in cash.
2. Bank loans of $20,250 were paid off.
3. Equipment of $43,000 was purchased with cash.
4. Expenses of $75,100 were paid.
5. Stockholders purchased additional shares for $47,000 cash.
A statement of cash flows for August would report net cash flows from
financing activities of:
a. 26,750.
b. 31,650.
c. 43,000.
d. 47,900
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