Financing Activities on the Statement of Cash Flows Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Accounts payable $57,920 $53,810 Dividends payable 20,000 16,000 Bonds payable 290,000 450,000 Common stock, $10 par value 180,000 120,000 Paid-in capital in excess of par-common stock 328,000 232,000 Retained earnings 488,000 375,000 During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of common stock for $26 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 aný negative adjustments. Cosmat Inc. Statement of Cash Flows (partial) Cash flows from (used for) financing activities:
Financing Activities on the Statement of Cash Flows Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 20Y9 Dec. 31, 20Y8 Accounts payable $57,920 $53,810 Dividends payable 20,000 16,000 Bonds payable 290,000 450,000 Common stock, $10 par value 180,000 120,000 Paid-in capital in excess of par-common stock 328,000 232,000 Retained earnings 488,000 375,000 During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of common stock for $26 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 aný negative adjustments. Cosmat Inc. Statement of Cash Flows (partial) Cash flows from (used for) financing activities:
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
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.7E
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![Financing Activities on the Statement of Cash Flows
Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the company's comparative balance sheet
are as follows:
Dec. 31, 20Y9
Dec. 31, 20Y8
Accounts payable
$57,920
$53,810
Dividends payable
20,000
16,000
Bonds payable
290,000
450,000
Common stock, $10 par value
180,000
120,000
Paid-in capital in excess of par-common stock
328,000
232,000
Retained earnings
488,000
375,000
During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of
common stock for $26 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 aný negative adjustments.
Cosmat Inc.
Statement of Cash Flows (partial)
Cash flows from (used for) financing activities:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F262c8ec8-077b-4a75-a65c-3643bcac7dd8%2F06de10aa-bc00-4993-89a5-5bce1cf5e323%2F9dzstst.jpeg&w=3840&q=75)
Transcribed Image Text:Financing Activities on the Statement of Cash Flows
Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the company's comparative balance sheet
are as follows:
Dec. 31, 20Y9
Dec. 31, 20Y8
Accounts payable
$57,920
$53,810
Dividends payable
20,000
16,000
Bonds payable
290,000
450,000
Common stock, $10 par value
180,000
120,000
Paid-in capital in excess of par-common stock
328,000
232,000
Retained earnings
488,000
375,000
During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of
common stock for $26 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 aný negative adjustments.
Cosmat Inc.
Statement of Cash Flows (partial)
Cash flows from (used for) financing activities:
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F262c8ec8-077b-4a75-a65c-3643bcac7dd8%2F06de10aa-bc00-4993-89a5-5bce1cf5e323%2F6cszaj9.jpeg&w=3840&q=75)
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