Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Finch Company had a balance of $103,000 In Its Common Stock account. During Year 1, Finch paid $27,000 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31, Year 1, was $139,000. Assume that the common stock is no par stock. Required a. Determine the cash Inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the financing activities section of the Year 1 statement of cash flows. Note: Cash outflow should be indicated with a minus sign. Cash flows from financing activities: Proceeds from issue of common stock Paid for purchase of treasury stock Net cash flow from financing activities S 63,000 (27,000) S 36,000

Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Finch Company had a balance of $103,000 In Its Common Stock account. During Year 1, Finch paid $27,000 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31, Year 1, was $139,000. Assume that the common stock is no par stock. Required a. Determine the cash Inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the financing activities section of the Year 1 statement of cash flows. Note: Cash outflow should be indicated with a minus sign. Cash flows from financing activities: Proceeds from issue of common stock Paid for purchase of treasury stock Net cash flow from financing activities S 63,000 (27,000) S 36,000

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Description: Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4On January 1, Year 1, Finch Company had a balance of $103,000 in its Common Stock account. During Year 1, Finch paid $27,000 topurchase treasury stock. Treasury stock is

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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