Question: Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information 12/31/2019 Notes payable Common stock Retained earnings $95,000
Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information 12/31/2019 Notes payable Common stock Retained earnings $95,000 120,000 20,000 12/31/2018 575,000 80,000 36,000 Madison reported net income of $40,000 for the year ended December 31, 2019. In addition, Madison repaid $41,000 of the notes payable during 2019 Required: Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows (outflows)
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