On January 1, 20x3 Daenerys Targaryen and Jon Snow formed Snow Dragon, Inc., a domestic corporation dedicated to the eradication of White Walkers from the lands of Westeros. The information below includes data from Snow Dragon's operations in 20x6. a. Snow Dragon's 20x6 net income was $480,000. b. Common stock issued for $78,000 cash. c. Snow Dragon's Board of Directors declared and paid cash dividend of $12,000. d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Snow Dragon purchased equipment for $94,000 cash. Use Snow Dragon's information provided above to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Snow Dragon, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 Cash flows from financing activities
On January 1, 20x3 Daenerys Targaryen and Jon Snow formed Snow Dragon, Inc., a domestic corporation dedicated to the eradication of White Walkers from the lands of Westeros. The information below includes data from Snow Dragon's operations in 20x6. a. Snow Dragon's 20x6 net income was $480,000. b. Common stock issued for $78,000 cash. c. Snow Dragon's Board of Directors declared and paid cash dividend of $12,000. d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value. e. Paid $118,000 cash to acquire its treasury stock. f. Snow Dragon purchased equipment for $94,000 cash. Use Snow Dragon's information provided above to determine cash flows from financing activities. (Amounts to be deducted should be indicated with a minus sign.) Snow Dragon, Inc. Statement of Cash Flows (partial) For the year ended December 31, 20x6 Cash flows from financing activities
Chapter22: S Corporations
Section: Chapter Questions
Problem 36P
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Transcribed Image Text:On January 1, 20x3 Daenerys Targaryen and Jon Snow formed Snow Dragon, Inc., a domestic corporation dedicated to the eradication
of White Walkers from the lands of Westeros.
The information below includes data from Snow Dragon's operations in 20x6.
a. Snow Dragon's 20x6 net income was $480,000.
b. Common stock issued for $78,000 cash.
c. Snow Dragon's Board of Directors declared and paid cash dividend of $12,000.
d. Paid $120,000 cash to settle a note payable at its $120,000 maturity value.
e. Paid $118,000 cash to acquire its treasury stock.
f. Snow Dragon purchased equipment for $94,000 cash.
Use Snow Dragon's information provided above to determine cash flows from financing activities. (Amounts to be deducted should
be indicated with a minus sign.)
Snow Dragon, Inc.
Statement of Cash Flows (partial)
For the year ended December 31, 20x6
Cash flows from financing activities
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ISBN:
9781305224414
Author:
JENNINGS
Publisher:
Cengage