Santa Fe Company was started on January 1, Year 1, when it acquired $8,900 cash by...
Santa Fe Company was started on January 1, Year 1, when it acquired $8,900 cash by issuing common stock. During Year 1, the company earned cash revenues of $4,850, paid cash expenses of $3,200, and paid a cash dividend of $750. Based on this information,
Answer Choices:
Multiple Choice
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The balance sheet at December 31, Year 1 would show total equity of $13,750.
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The Year 1 statement of cash flows would show net cash inflow from financing activities of $8,150.
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The Year 1 income statement would show net income of $900.
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The Year 1 statement of cash flows would show a net cash flow from financing activities of $8,900.
Homework Answers
Solution :
Cash flow from financing activities for year 1 = Proceed from issue of common stock - Dividend paid
= $8,900 - $750 = $8,150
Hence 2nd statement "The Year 1 statement of cash flows would show net cash inflow from financing activities of $8,150" is correct.
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