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29 August, 14:40

Pharoah Corporation had the following activities in 2020. 1. Payment of accounts payable $843,000 4. Collection of note receivable $104,000 2. Issuance of common stock $256,000 5. Issuance of bonds payable $466,000 3. Payment of dividends $333,000 6. Purchase of treasury stock $45,000 Compute the amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows. (Show amounts that decrease cash flow with either a - sign e. g. - 15,000 or in parenthesis e. g. (15,000).)

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  1. 29 August, 15:50
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    The amount Pharoah should report as net cash provided (used) by financing activities in its 2020 statement of cash flows is $344,000.

    Explanation:

    Pharoah Corporation

    Statement of cash flows (extract)

    Proceeds from common stock $256,000

    Proceed from bond payable $466,000

    Dividend paid ($333,000)

    Purchase of treasury stock ($45,000)

    Net cash flows from financing activities $344,000

    Note that the payment of accounts payable and collection of notes receivable only affect the operating activities section of the cash flows.
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