Tang
Corporation, which follows accounting standards for private enterprises (ASPE),
had the following activities in 2011.
1.
Paid $870,000 of accounts payable.
2.
Paid $12,000 of bank loan interest.
3.
Issued common shares for $200,000.
4.
Paid $170,000 in dividends (charged to retained earnings).
5.
Collected $150,000 in notes receivable.
6.
Issued $410,000 of bonds payable.
7.
Paid $20,000 on bank loan principal.
8.
Issued a stock dividend in the amount of $11,000.
9.
Received $5,000 in interest from an investment in bonds.
10.
Purchased at a cost of $47,000 the corporation’s own shares.
Calculate
the amount that Tang should report as net cash provided (used) by financing
activities in its 2011 statement of cash flows.
|
Cash
flow from financing activities
|
|
|
|
Proceeds from issuance of common shares
|
$200,000
|
|
|
Proceeds from issuance of bonds payable
|
410,000
|
|
|
Payment
of bank loan principal
|
(20,000)
|
|
|
Dividends paid
|
(170,000)
|
|
|
Purchase of company’s own shares
|
(47,000)
|
|
|
Net cash provided by financing activities
|
$373,000
|
|
