Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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Chapter 11, Problem 43E
Determining
Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable:
Required:
1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable.
2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.
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Chapter 11 Solutions
Cornerstones of Financial Accounting
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