Question

Given the following information, determine the amount of cash flows from investing and financing activities.


Net income $70,000
Loss on sale of plant assets 25,000
Cash received from sale of plant assets 36,000
Cash received from issuing stock 80,000
Increase in income taxes payable 20,000

A.


Cash provided by investing activities, $11,000
Cash provided by financing activities, $80,000

B.


Cash used by investing activities, $80,000
Cash used by financing activities, $11,000

C.


Cash provided by investing activities, $80,000
Cash provided by financing activities, $36,000

D.


Cash used by investing activities, $25,000
Cash used by financing activities, $36,000

E.


Cash provided by investing activities, $36,000
Cash provided by financing activities, $80,000

Answer

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