D
da401boss
Guest
Im taking accounting for the first time, im stuck on one question where i have to prepare a cashflow statement, I have done everything right but under financing activities (long term note) i dont know what to put, any help will be nice. thanks**question is below**
financing activities:
Proceeds from issuance of stock : $400000
Proceed from long term note : ??
Dividends declared and paid : ($4000)
Wisconsin Corporation was organized on January 1, 2008, with the investment of $400,000 in cash by its stockholders. The company immediately purchased a manufacturing facility for $300,000, paying $150,000 in cash and signing a five-year promissory note for the balance. Wisconsin signed another five-year note at the bank for $50,000 during 2008 and received cash for the same amount. During its first year, Wisconsin collected $310,000 from its customers. It paid $185,000 for inventory, $30,100 in salaries and wages, and another $40,000 in taxes. Wisconsin paid $4,000 in cash dividends.
financing activities:
Proceeds from issuance of stock : $400000
Proceed from long term note : ??
Dividends declared and paid : ($4000)
Wisconsin Corporation was organized on January 1, 2008, with the investment of $400,000 in cash by its stockholders. The company immediately purchased a manufacturing facility for $300,000, paying $150,000 in cash and signing a five-year promissory note for the balance. Wisconsin signed another five-year note at the bank for $50,000 during 2008 and received cash for the same amount. During its first year, Wisconsin collected $310,000 from its customers. It paid $185,000 for inventory, $30,100 in salaries and wages, and another $40,000 in taxes. Wisconsin paid $4,000 in cash dividends.