Use the information below to answer the following question(s):The following data is supplied from the comparative balance sheets and income statement information from Moreno, Inc. Net income for Year 2 was $40,000. No long-term assets were sold and no new notes were issued during Year 2. During Year 2, Moreno paid dividends of $24,000.
Consider the information provided. Required:Prepare the financing activities section of Moreno's statement of cash flows.
What will be an ideal response?
| Cash Flows from Financing Activities | ? |
| Cash inflow from issuing common stock | $ 24,000 |
| Cash outflow for payment of long-term notes payable | (8,000) |
| Cash outflow for payment of dividends | (24,000) |
| Net cash outflow for financing activities | $ (8,000) |
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