Tang Corporation, which follows ASPE, had the following activities in 2014. Calc

Question

Tang Corporation, which follows ASPE, had the following activities in 2014.

Calculate the amount that Tang should report as net cash provided (used) by financing activities in its 2014 statement of cash flows.

1. Paid $864,000 of accounts payable. 2. Paid $11,800 of bank loan interest. 3. Issued common shares for $222,000. 4. Paid $178,000 in dividends (charged to retained earnings). 5. Collected $155,000 in notes receivable. 6. Issued $418,000 of bonds payable. 7. Paid $18,000 on bank loan principal. 8. Issued a stock dividend in the amount of $10,100. 9. Received $5,900 in interest from an investment in bonds. 10. Purchased at a cost of $55,000 the corporation’s own shares.

Explanation / Answer

Cash flow by financing activities USD$

Issued Common Shares 222000

Issued of Bonds 418000

Payment of bank loan (18000)

Purchase of owns share (55000)

Paid Divideends (178000)

Total $389000

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