Question

Tamarisk, Inc. had the following transactions during 2022: 1. Issued $280000 of par value common stock for cash. 2. Recorded and paid wages expense of $134400. 3. Acquired land by issuing common stock of par value $112000. 4. Declared and paid a cash dividend of $22400. 5. Sold a long-term investment (cost $6720) for cash of $6720. 6. Recorded cash sales of $896000. 7. Bought inventory for cash of $358400. 8. Acquired an investment in Zynga stock for cash of $47040. 9. Converted bonds payable to common stock in the amount of $1120000. 10. Repaid a 6-year note payable in the amount of $492800. What is the net cash provided by financing activities

Answer 1

Answer:

$996,800

Explanation:

Tamarisk, Inc. had the following transactions during 2022:

1. Issued $280000 of par value common stock for cash.

2. Recorded and paid wages expense of $134400.

3. Acquired land by issuing common stock of par value $112000.

4. Declared and paid a cash dividend of $22400.

5. Sold a long-term investment (cost $6720) for cash of $6720.

6. Recorded cash sales of $896000.

7. Bought inventory for cash of $358400.

8. Acquired an investment in Zynga stock for cash of $47040.

9. Converted bonds payable to common stock in the amount of $1120000. 10. Repaid a 6-year note payable in the amount of $492800.

The net cash provided by financing activities is

1. Issuance of stock for Cash .................$280,000

2. Issuance of stock for Land................. $112,000

3. Cash dividend of ....................................($22,400)

4. Issuance of common stock of ...........$1,120,000

5. Repayment of 6-year note payable  ($492,800)

NET CASH .....................................................$996,800