Nicoloff Corporation reported the following information (in thousands) at December 31, 2015: _________________________________________ 2015 _______________ 2014 Dividends
Question:
Nicoloff Corporation reported the following information (in thousands) at December 31, 2015:
_________________________________________ 2015 _______________ 2014
Dividends payable ......................................$ 15 .............................$ 10
Bank loan payable-current portion ........... 200 .............................200
Bank loan payable-non-current portion ... 400 .............................300
Common shares ............................................ 600 ............................400
Retained earnings ......................................... 700 .............................500
Additional information:
1. The bank loan was increased by additional borrowings of $300 to partially finance the purchase of new equipment that cost $500. The bank loan was decreased by repayments.
2. Common shares were issued during the year. None were reacquired.
3. Dividends were paid during the year.
4. Profit for the year was $400.
Prepare the financing activities section of Nicoloff's statement of cash flows for the year.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine