Brief Exercise 11-31 (Algorithmic)

Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: 12/31/2018 Notes payable 12/31/2019 $95,000 Common stock $75,000 80,000 120,000 Retained earnings 20,000 36,000 Madison reported net income of $30,000 for the year ended December 31, 2019. In addition, Madison repaid $46,000 of the notes payable during 2019 Required: Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows (outflows). Feedback Check My Work Set up Taccounts to determine the activity in the notes payable and retained earnings accounts