Question

McCorey Corporation recorded the following events last year: Repurchase by the company of its own common...

McCorey Corporation recorded the following events last year:

Repurchase by the company of its own common stock $ 24,000
Sale of long-term investment $ 43,000
Interest paid to lenders $ 7,000
Dividends paid to the company's shareholders $ 53,000
Collection by McCorey of a loan made to another company $ 29,000
Payment of taxes to governmental bodies $ 17,000

On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.

Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be:

  • $(77,000)

  • $173,000

  • $(144,000)

  • $84,000

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Answer #1

Ans:( $77,000)

Explanation:

Repurchase by the company of its own common stock - $ 24,000
Dividends paid to the company's shareholders - $53,000
Net Cash Used by Financing Activities - $77,000

Note

1)All the other mentioned activities are either from operatiang or investing activities, hence not included in above computation.

2) For your reference i am classifying activities as below:

Sale of long-term investment Investin.
Interest paid to lenders Operating
Collection by McCorey of a loan made to another company Investing
Payment of taxes to governmental bodies Operating
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