Tang Corporation, which follows accounting standards for private enterprises (ASPE), had the following activities in 2011. 1.

Question:

Tang Corporation, which follows accounting standards for private enterprises (ASPE), had the following activities in 2011.
1. Paid $870,000 of accounts payable.
2. Paid $12,000 of bank loan interest.
3. Issued common shares for $200,000.
4. Paid $170,000 in dividends (charged to retained earnings).
5. Collected $150,000 in notes receivable.
6. Issued $410,000 of bonds payable.
7. Paid $20,000 on bank loan principal.
8. Issued a stock dividend in the amount of $11,000.
9. Received $5,000 in interest from an investment in bonds.
10. Purchased at a cost of $47,000 the corporation’s own shares.
Calculate the amount that Tang should report as net cash provided (used) by financing activities in its 2011 statement of cash flows.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0470161012

9th Canadian Edition, Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.

Question Posted: