Required: 1. If Solomon did not repay any notes payable during the year, determine how much cash Solomon received from the issuance of notes payable. $fill in the blank 1 2. If Solomon repaid $40,000 of notes payable during the year, determine what amounts Solomon would report in the financing activities section of the statement of cash flows. Payment of notes payable $fill in the blank 2 Issuance of notes payable $fill in the blank 3
Required: 1. If Solomon did not repay any notes payable during the year, determine how much cash Solomon received from the issuance of notes payable. $fill in the blank 1 2. If Solomon repaid $40,000 of notes payable during the year, determine what amounts Solomon would report in the financing activities section of the statement of cash flows. Payment of notes payable $fill in the blank 2 Issuance of notes payable $fill in the blank 3
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Determining
Solomon Construction Company reported the following amount on its
| Jan. 1 | Dec. 31 | ||
| Notes payable | $120,000 | $200,000 |
Required:
1. If Solomon did not repay any notes payable during the year, determine how much cash Solomon received from the issuance of notes payable.
$fill in the blank 1
2. If Solomon repaid $40,000 of notes payable during the year, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.
| Payment of notes payable | $fill in the blank 2 |
| Issuance of notes payable | $fill in the blank 3 |
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