Reference no: EM132688858
Spinning Teacups, Inc. provided the following information for 2016 and 2015:
Retained earnings, December 31, 2016 $76,000
Retained earnings, December 31, 2015 80,000
Note payable, December 31, 2016 42,000
Note payable, December 31, 2015 49,000
Net income-2016 64,000
No new loans were taken out during 2016.
Required:
Problem 1: Prepare the financing activities section of the statement of cash flows for 2016.
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