The account balance information for Miller Company at the end of 2016 and 2017 and related 2017 activities are presented below:
Additional information for 2017 activities:
Bonds payable in the amount of $125,000 were converted into 12,000 shares of common stock.
· Additional common stock was issued for cash of $11 per share.
· The only changes in retained earnings in 2017 were a result of net income and cash dividends.
· Other than the bond conversion, the only transaction affecting bonds payable during 2017 was the issue for cash at face value of new bonds payable.
· Net income for the year 2017 was $200,000.
Required:
Compute the net cash provided by financing activities for the Miller Company using the visual inspection method.

Question

The account balance information for Miller Company at the end of 2016 and 2017 and related 2017 activities are presented below:  
Additional information for 2017 activities:
  Bonds payable in the amount of $125,000 were converted into 12,000 shares of common stock.
· Additional common stock was issued for cash of $11 per share.
· The only changes in retained earnings in 2017 were a result of net income and cash dividends.
· Other than the bond conversion, the only transaction affecting bonds payable during 2017 was the issue for cash at face value of new bonds payable.
· Net income for the year 2017 was $200,000.
Required:
Compute the net cash provided by financing activities for the Miller Company using the visual inspection method.

Quizplus · Accepted Answer

The Answer of The account balance information for Miller Company at the end of 2016 and 2017 and related 2017 activities are presented below:  
Additional information for 2017 activities:
  Bonds payable in the amount of $125,000 were converted into 12,000 shares of common stock.
· Additional common stock was issued for cash of $11 per share.
· The only changes in retained earnings in 2017 were a result of net income and cash dividends.
· Other than the bond conversion, the only transaction affecting bonds payable during 2017 was the issue for cash at face value of new bonds payable.
· Net income for the year 2017 was $200,000.
Required:
Compute the net cash provided by financing activities for the Miller Company using the visual inspection method.

The Account Balance Information for Miller Company at the End