Zoom Corporation had the following transactions during 2017: Issued $250,000 of par value common stock for...

Zoom Corporation had the following transactions during 2017:

Issued $250,000 of par value common stock for cash.

Declared and paid a cash dividend of $20,000.

Repaid a 6-year note payable in the amount of $440,000 cash.

Recorded cash sales of $800,000.

Recorded and paid wages expense of $120,000.

Bought inventory for cash of $320,000.

Acquired land by issuing common stock of par value $100,000.

Sold a long-term investment (cost $6,000) for cash of $6,000.

Acquired an investment in Zynga stock for cash of $42,000.

Converted bonds payable to common stock in the amount of $1,000,000.

What is the net cash provided (used) by financing activities?

Expert Solution

· Requirement asked

Issued $250,000 of par value common stock for cash.	$250,000
Declared and paid a cash dividend of $20,000.	($20,000)
Repaid a 6-year note payable in the amount of $440,000 cash.	($440,000)
Net Cash provided (used) by Financing activities	($210,000)	ANSWER

· Note

Issued $250,000 of par value common stock for cash.	Financing activities
Declared and paid a cash dividend of $20,000.	Financing activities
Repaid a 6-year note payable in the amount of $440,000 cash.	Financing activities
Recorded cash sales of $800,000.	Operating activities
Recorded and paid wages expense of $120,000.	Operating activities
Bought inventory for cash of $320,000.	Operating activities
Acquired land by issuing common stock of par value $100,000.	Non Cash activities
Sold a long-term investment (cost $6,000) for cash of $6,000.	Investing activities
Acquired an investment in Zynga stock for cash of $42,000.	Investing activities
Converted bonds payable to common stock in the amount of $1,000,000.	Non Cash activities

ekkarill92 answered 3 years ago

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