Sunland Homes engaged in the following activities during the year: Prepare the c

Question

Sunland Homes engaged in the following activities during the year:

Prepare the cash flows provided by financing activities section of Sunland Homes’ statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

? Borrowed $637,600 from Marshall Bank ? Declared and paid dividends on common stock of $27,400 ? Made a $77,000 annual principal payment on a 10-year loan from Cardinal National Bank ? Purchased 10,100 shares of Sunland Homes stock for $175,400

Explanation / Answer

Purchase of shares of other companies is an investing activity

Cash flows from financing activities Loan proceeds $ 637,600 Cash dividends paid $ (27,400) Loan repayment $ (77,000) Net cash provided by financing activities $ 533,200

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