Part 5. Financing Activities Mosquito Music reported the following transactions

Question

Part 5. Financing Activities Mosquito Music reported the following transactions for the year: a. A cash dividend of $300,000 was paid. b. A 60-day note payable was issued for $15,000 cash. c. Mosquito purchased back $55,000 of its own common stock. d. Bonds with a face value of $43,000 were issued at par. Use this information to compute cash flows from financing activities for Mosquito Music. Enter your answers in the shaded boxes below. A couple of boxes have been completed for you. Cash flows from financing activities Payment of dividend Net cash used in financing activities

Explanation / Answer

Cash flows from financing activities:

$ Payment of cash dividend (300000) Issue of notes payable 15000 Repurchase of shares (55000) Issue of bonds 43000 Net cash used in financing activities (297000)

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