Question: Solomon Construction Company reported the following amount on its balance

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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