Question: Smith Law Firm specializes in the preparation of wills for
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2015, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for $35,000. By the end of 2015, the company provides will preparation services of $42,000 cash and pays employee salaries of $33,000. In addition, Smith pays $3,000 in cash dividends to stockholders on December 31, 2015. Determine the amount of financing cash flows Smith would report in 2015.
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