Question

Solomon Construction Company reported the following amount on its balance sheet at the end of 2011 and 2010 for notes payable:

Required:
1. If Solomon did not repay any notes payable during 2011, determine how much cash Solomon received from the issuance of notes payable.
2. If Solomon repaid $60,000 of notes payable during 2011, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.


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  • CreatedSeptember 22, 2015
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