question archive Use the I-9 Networking Solutions data in E10-79 to show how the company reported cash flows from financing activities during 2014

Use the I-9 Networking Solutions data in E10-79 to show how the company reported cash flows from financing activities during 2014

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Use the I-9 Networking Solutions data in E10-79 to show how the company reported cash flows from financing activities during 2014.

In E10-79, I-9 Networking Solutions began operations on January 1, 2014, and immediately issued its stock, receiving cash. I-9’s balance sheet
 at December 31, 2014, reported the following stockholders’ equity:

Common stock, $ 1 par...................... $ 56,000

Additional paid- in capital.................. 394,400

Retained earnings.............................. 41,000

Treasury stock, 500 shares................ (2,000)

Total stockholders’ equity................$ 489,400

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Statement of cash flows:

 

            Cash Flows from Financing Activities:

 

            Issuance of common stock..........................................................................

$448,000

            Purchase of treasury stock..........................................................................

(3,200)

            Sale of treasury stock..................................................................................

3,600

            Payment of dividends.................................................................................

(24,000)

 

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