Determining Net Cash Flow from Financing Activities
Madison Company reported the following information:
12/31/2019 |
12/31/2018 |
|
Notes payable |
$95,000 |
$75,000 |
Common stock |
120,000 |
80,000 |
Retained earnings |
20,000 |
36,000 |
Madison reported net income of $26,000 for the year ended December 31, 2019. In addition, Madison repaid $35,000 of the notes payable during 2019.
Required:
Compute net cash flow from financing activities.
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