Question

Red Ox Corporation’s net income for the year ended December 31, 20X4, was $128,000. Red Ox...

Red Ox Corporation’s net income for the year ended December 31, 20X4, was $128,000. Red Ox has elected to report any interest paid as operating activities and any dividends paid as financing activities. Additional data for the 20X4 fiscal year is as follows:

  • Red Ox issued a bond for $95,000.
  • Depreciation expense for the 20X4 fiscal year was $12,000.
  • The balance for the company’s bank loan as at December 31, 20X3, was $240,000. The balance as at December 31, 20X4, was $215,000.
  • Interest expense paid in the year was $3,000.
  • Red Ox issued 500 common shares for $80 per share.
  • Red Ox sold 10,000 shares in one of its investments, Blue Horn Inc., for $26,000.
  • Red Ox declared a dividend of $16,000 that is to be paid on January 4, 20X5.

What are Red Ox’s net cash inflows from financing activities for the 20X4 fiscal year?

Question 1 options:

a

$94,000

b

$107,000

c

$110,000

d

$136,000
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