Fox Co Balanon Sheot BS Income Statement and other 2020 SCF

Fox Co. Balanon Sheot (BS), Income Statement and other 2020 SCF Info Is below Fax Co. Balance Sheet (BS), Income Statement and other 2020 SCF Info Income BS Assets BS Assets 12/31/20 12/31/19 BS Lisbs &SE; 12/31/20 12/31/19 Accts Payable $12,000 $80,000 12,000 2020 $900,000 Cash (350,000) Accts Rec: $550,000 AFS Secs 240,000) Inventory: 80,000 120,000Wages Payable: 16,0008,000 $12,000 124,000102,000 Taxns Payable: 8,000 70,000 36,000 s Payable 16000 20,.000 $4,000 Gross P Wages Payable 16,000 Op. Exp: Gain-Eq Sale: Interest Rev Interest 2,000 5,000 Prepd Rent 3,000 Land 6,000) Equipment 10,000 210,000180,000 Notes Payable: 120,000138,000 220,000 Interest Exp: 260,000 Common Stock:16,000 15,000 Additional PIC:1 $312000 Accum Depr: (70,000) (80,000) Patents: $232,000 Totals: NI b/Tac: 94,000100,000 R Eanings: 400,000 340,000 $750,000$760,000 Income Tax: Totals: $750,000 $760,000 NI: Notes: 1) Equipment costing $40,000, which was 20% depreciated, was sold in 2020 2) All Depreciation &Amortization; Expense are included in Operating Expenses (Op.Exp) Looking at your completed SCFs, how much cash did Fax pay for Financing Activities in 2020 $172,000 $208,000 $144,000 $180,000

Solution

Cash Flow from Financing Activities

Common Stock Issue

1000

Additional Paid in capital

13000

(-) Paid Notes Payable

18000

(-) Dividend Paid

176000

Cash Pay for Financing Activities

-180000

Last Option is correct

Calculation of Amount of Dividend Paid :-

Beginning Balance of Retained Earning

340000

(+) Net Income

232000

(-) Ending Balance of Retained Earning

400000

Dividend Declared

172000

(+) Beginning Balance of Dividend Payable

20000

(-)Ending Balance of Dividend Payable

16000

Amount of Dividend Paid

176000

Cash Flow from Financing Activities
Common Stock Issue	1000
Additional Paid in capital	13000
(-) Paid Notes Payable	18000
(-) Dividend Paid	176000
Cash Pay for Financing Activities	-180000