The following events occurred last year for the McElroy Company: Repayment to Mc
ID: 2483151 • Letter: T
Question
The following events occurred last year for the McElroy Company:
Repayment to McElroy of a loan made to another company
$20,000
Repurchase by McElroy of its preferred stock
30,000
Sale by McElroy of its common stock
50,000
Interest paid on McElroy's long-term borrowing
5,000
Payment of dividends to its common stockholders
15,000
Sale by McElroy of its used equipment
10,000
Considering just the above transactions, the net cash provided by financing activities on the statement of cash flows was: (show your work)
Repayment to McElroy of a loan made to another company
$20,000
Repurchase by McElroy of its preferred stock
30,000
Sale by McElroy of its common stock
50,000
Interest paid on McElroy's long-term borrowing
5,000
Payment of dividends to its common stockholders
15,000
Sale by McElroy of its used equipment
10,000
Explanation / Answer
McElroy Company
Cash flows from Financing activities:
Repayment to MCElroy of a loan made to another company 20000
Sale by McElroy of its common stock 50000
Interest paid on McElroy's long term borrowings (5000)
Payment to dividends to its common stockholders (15000)
Net cash flows from financing activities 50000.
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