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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Determining Cash Flows from Financing Activities

Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable:

Chapter 11, Problem 43E, Determining Cash Flows from Financing Activities Solomon Construction Company reported the following

Required:

1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable.

2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.

To determine

(a)

Introduction:

Note payable is that document which is in written promissory note. Under this agreement, company take loan against issue of note payable. This amount is paid with interest after the maturity date to the lender.

To compute:

If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of note payable.

Explanation

For the purpose of calculate make notes payable accounts.

Note payable accounts

Particular Amount ($)
To determine

(b)

Introduction:

A note payable is a composed promissory note. Under this assention, a borrower acquires a particular measure of cash from a moneylender and guarantees to pay it back with enthusiasm over a foreordained timespan.

Note payable is that document which is in written promissory note. Under this agreement, company take loan against issue of note payable. This amount is paid with interest after the maturity date to the lender.

To compute:

If Solomon repaid $40,000 of note payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flow.

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