Question
Co. uses the indirect method to prepare its statement of cash flows. Refer to the following...
Co. uses the indirect method to prepare its statement of cash flows. Refer to the following information for the year 2014:
Long-Term Notes Payable, beginning balance, $80,000
Long-Term Notes Payable, ending balance, $76,000
Common Stock, beginning balance, $3,000
Common Stock, ending balance, $26,000
Retained Earnings, beginning balance, $75,000
Retained Earnings, ending balance, $115,000
Treasury Stock, beginning balance, $6,000
Treasury Stock, ending balance, $10,000
No stock was retired.
No treasury stock was sold.
During 2014, the company repaid $36,000 of Long-Term Notes Payable.
During 2014, the company borrowed $32,000 on a new Note Payable.
Net income for the year was $49,000.
Assume all dividends declared during the year were paid.
How much was the net cash flow from financing activities? (Show the steps to arrive at the answer)
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