Question 8 5 pts The following accounts, among others, appeared on ZZ Company\'s

ID: 2397932 • Letter: Q

Question

Question 8 5 pts The following accounts, among others, appeared on ZZ Company's balance sheet at January 1, 2020 and December 31, 2020: anuary 1. 2820 December 31, 2020 Accounts payable Land Notes payable Common stock Retained earnings 48,000 70,000 80,000 30,000 29,000 63,000 84,000 71,000 90,000 87,000 The following information was taken from ZZ Company's 2020 income statement: Sales revenue Cost of goods sold Other expense Net income 5500,000 280,000 120,000 $100,000 Calculate the net cash flow from financing activities for 2020. If your answer is negative, place a minus sign in front of your answer with no spaces in between Ce.g, -1234).

Explanation / Answer

“Hence, Net cash flow from financing activities = $51,000”

ZZ COMPANY

Statement of Cash Flow

For the year ended December 31, 2020

Cash flow from Financing Activities

Proceeds from Issue of Common Stock

$60,000

Repayment of Note Payable

$(9,000)

$51,000

Net cash flow from financing activities

$51,000