Reference no: EM133076241
Question - ABCD reported the following information for 2019 and 2020. Inventory is not reported as there was no change in inventory from December 31, 2019, to December 31, 2020
Account payable for December 31, 2019 95,000
Accounts payable for December 31, 2020 50,000
Cost of goods sold for 2020 560,000
1. How much cash was paid for inventory during 2020?
For the year 2020, ABCD generated a net income of P140,000. During the year, the company had the following activities:
Sold 20,000 shares of their own stock for P20.00 per share
Issued bonds for which they received P500,000
Paid Dividends to their stockholders amounting to P100,000
Sold a piece of equipment for P50,000 that they were carrying on their books for P20,000
2. What would be shown on the Statement of Cash Flows for "cash from financing activities" based on the information above?
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