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What will be disclosed for cash paid on Notes Payable

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Reference no: EM132875395

Question - Secrest, Inc. provided the following information for 2021 and 2020:

Retained earnings, December 31, 2021 $222,000

Retained earnings, December 31, 2020 $182,000

Notes payable, December 31, 2021 $122,000

Notes payable, December 31, 2020 $100,000

Net income-2021 $85,000

Additional notes of $30,000 were issued in 2021.

Required -

a) What will be disclosed for cash paid on Notes Payable on the Statement of Cash Flows for the fiscal year ending December 31, 2021?

b) What will be disclosed for cash paid for dividends on the Statement of Cash Flows for the fiscal year ending December 31, 2021?

Reference no: EM132875395

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