The following accounts, among others, apeared on ZZ Company\'s balance sheet at

Question

 The following accounts, among others, apeared on ZZ Company's balance sheet at January 1, 2005 and December 31, 2005: 

                   January 1, 2005       December 31, 2005 Accounts payable       48,000                63,000 Land                   70,000                84,000 Notes payable          80,000                64,000 Common stock           30,000                90,000 Retained earnings      36,000                95,000 

 The following information was taken from ZZ Company's 2005 income statement: 

 Sales revenue                   $500,000 Cost of goods sold               280,000 Other expense                    120,000 Net income                      $100,000 

 Calculate the net cash flow from financing activities for 2005. If your answer is negative, place a minus sign in front of your answer with no spaces in between (e.g., -1234). Do not use decimals in your answer. 

Explanation / Answer

Ans.International Accounting Standard 7 (IAS 7) defines financing activities as the

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