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MG Co. had the following transactions during 2018: 1.Issued $50,000 of par value common stock for...

MG Co. had the following transactions during 2018: 1.Issued $50,000 of par value common stock for cash. 2. Repaid a 4 year note payable in the amount of $22,000. 3. Acquired building by issuing common stock of par value $50,000. 4. Declared and paid a cash dividend of $7,000. 5. Sold a long-term investment (cost $3,000) for cash of $6,000. 6. Acquired an investment in IGG stock for cash of $10,000. What is the net cash provided by financing activities? $21,000 $67,000 $28,000 $0

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Answer #1

Ans: $21,000

Statement showing net cash flow from financing Activity

Transaction

Reason

Amount $

1.Issued of common stock for cash

Finance Activity cash inflow

50,000

2. Repaid a 4 year note payable

Finance Activity cash out flow

-22,000

3. Acquired building by issuing common stock

Investing Activity

4. Declared and paid a cash dividend

Finance Activity cash out flow

-7,000

5. Sold a long-term investment

Investing Activity

6. Acquired an investment in IGG stock for cash

Investing Activity

Net cash flow from Financing Activity

$21,000
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