The following T-account is a summary of the Cash account of AMI Company. Cash (Summary Form) Balance, Jan 1 $ 7,300.00 Balance from customers $367,500.00 Payments for goods $213,800.00 Dividends on Stock investments $ 6,500.00 Payments for operating expense $139,300.00 Proceeds from sale of equipment $ 35,100.00 Interest paid $ 10,900.00 Taxes paid $500,100.00 Dividends paid $ 8,900.00 $ 60,100.00 proceeds from the issuance of bonds payable Balance, Dec 31 $483,500.00 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amount that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) Net cash provided by financing activities $

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

I was provided a T-account and was tasked with giving the Net cash provided by financing activities.  I'm not having any luck with the solution. See my spreadsheet image for context

The following T-account is a summary of the Cash account of AMI Company.
Cash (Summary Form)
Balance, Jan 1
$ 7,300.00
Balance from customers
$367,500.00 Payments for goods
$213,800.00
Dividends on Stock investments $ 6,500.00 Payments for operating expense $139,300.00
Proceeds from sale of equipment $ 35,100.00 Interest paid
$ 10,900.00
Taxes paid
$500,100.00 Dividends paid
proceeds from the issuance of
$
8,900.00
bonds payable
$ 60,100.00
Balance, Dec 31
$483,500.00
What amount of net cash provided (used) by financing activities should be reported in the
statement of cash flows? (Show amount that decrease cash flow with either a - sign e.g. -
| 15,000 or in parenthesis e.g. (15,000).)
Net cash provided by financing activities
Transcribed Image Text:The following T-account is a summary of the Cash account of AMI Company. Cash (Summary Form) Balance, Jan 1 $ 7,300.00 Balance from customers $367,500.00 Payments for goods $213,800.00 Dividends on Stock investments $ 6,500.00 Payments for operating expense $139,300.00 Proceeds from sale of equipment $ 35,100.00 Interest paid $ 10,900.00 Taxes paid $500,100.00 Dividends paid proceeds from the issuance of $ 8,900.00 bonds payable $ 60,100.00 Balance, Dec 31 $483,500.00 What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows? (Show amount that decrease cash flow with either a - sign e.g. - | 15,000 or in parenthesis e.g. (15,000).) Net cash provided by financing activities
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Checking Accounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education