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a) Net income was $468,000
a) Net income was $468,000.
b. Issued common stock for $77,000 cash.
c. Paid cash dividend of $16,000.
d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value.
e. Paid $120,000 cash to acquire its treasury stock.
f. Purchased equipment for $93,000 cash.
Use the above information to determine this company's cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)
| Cash flows from financing activities | |
Expert Solution
| Financing Activities | |
|---|---|
| Issued Common Stock | $77,000 |
| Paid Cash Dividend | ($16,000) |
| Paid Note Payable | ($120,000) |
| Payment for Treasury Stock | ($120,000) |
| Net cash provided(or used) by financing activities | ($179,000) |
Net income can be used in getting cash flows from operating activities using indirect method.
Purchase of equipment is used getting cash flows in investing activities.
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