Ask Question
15 March, 07:31

Pharoah Corporation had the following activities in 2020. 1. Payment of accounts payable $843,000 4. Collection of note receivable $104,000 2. Issuance of common stock $256,000 5. Issuance of bonds payable $466,000 3. Payment of dividends $333,000 6. Purchase of treasury stock $45,000 Compute the amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows. (Show amounts that decrease cash flow with either a - sign e. g. - 15,000 or in parenthesis e. g. (15,000).)

+5
Answers (1)
  1. 15 March, 11:11
    0
    The amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows is $344,000.

    Explanation:

    Pharoah Corporation

    Statement of cash flows (extract)

    Proceeds from common stock $256,000

    Proceed from bond payable $466,000

    Dividend paid ($333,000)

    Purchase of treasury stock ($45,000)

    Net cash flows from financing activities $344,000

    Note that the payment of accounts payable and collection of notes receivable only affect the operating activities section of the cash flows.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Pharoah Corporation had the following activities in 2020. 1. Payment of accounts payable $843,000 4. Collection of note receivable $104,000 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers