Question: Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: 12/31/2019 12/31/2018 Notes payable 595,000 120,000 Common stock
Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: 12/31/2019 12/31/2018 Notes payable 595,000 120,000 Common stock $75,000 80,000 36,000 Retained earnings 20,000 Madison reported net income of $28,000 for the year ended December 31, 2019. In addition, Madison repaid $ 36,000 of the notes payable during 201 Required: Compute net cash flow from financing activities. Use a minus sign to indicate negative cash flows outflows)
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