determining cash flows from financing activities

eBook Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet for notes payable: Jan. 1 $120,000 Dec. 31 $200,000 Notes payable Required: 1. If Solomon did not repay any notes payable during the year, determine how much cash Solomon received from the issuance of notes payable. 120,000 2. If Solomon repaid $40,000 of notes payable during the year, determine what amounts Solomon would report in the financing activities section of the statement of cash flows. Payment of notes payable Issuance of notes payable