Question

Pharoah Company had the following transactions during 2022: 1. Issued $355000 of par value common stock for cash. 2. Recorded and paid wages expense of $170400. 3. Acquired land by issuing common stock of par value $142000. 4. Declared and paid a cash dividend of $28400. 5. Sold a long-term investment (cost $8520) for cash of $8520. 6. Recorded cash sales of $1136000. 7. Bought inventory for cash of $454400. 8. Acquired an investment in Zynga stock for cash of $59640. 9. Converted bonds payable to common stock in the amount of $1420000. 10. Repaid a 6-year note payable in the amount of $624800. What is the net cash provided by financing activities?

Answer 1

Net cash used by financing activities -$298,200

Step-by-step explanation:

The computation of the net cash provided by financing activities is shown below:

Cash flow from the financing activities

Issue of common stock $355,000

Repayment of note payable -$624,800

Cash dividend paid -$28,400

Net cash used by financing activities -$298,200

Here only issuance of the common stock would be added rest would be deducted