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Net income was $477,000. Issued common stock for $71,000 cash. Paid cash dividend of $15,000. Paid $115,000 cash to settle a note payable at its $115,000 maturity value. Paid $120,000 cash to acquire its treasury stock. Purchased equipment for $93,000 cash. Use the above information to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.)

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Answer:

($179,000)

Explanation:

The computation of the cash flows from financing activities is shown below:

Cash flows from financing activities:

Common stock issuance $71,000

Less: Cash dividends paid -$15,000

Less: Payment of note payable -$115,000

Less: Purchase of treasury stock -$120,000

Net cash flows from financing activities ($179,000)

The negative sign shows the outflow of cash and the positive sign shows the cash inflow and the same is shown above

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