Smith law firm specializes in the preparation of wills for estate planning. on october 1, 2021, the company begins operations by issuing stock for $12,000 and obtaining a loan from a local bank for $24,000. by the end of 2021, the company provides will preparation services of $31,000 cash and pays employee salaries of $22,000. in addition, smith pays $1,900 in cash dividends to stockholders on december 31, 2021. determine the amount of financing cash flows smith would report in 2021.

Cash flow from financing                              $34,100

Explanation:

The amount of financing cash flows that Smith would report in year 2021 is as follows:

Issuance of stock by Smith law firm            $12,000

Loan from local bank                                    $24,000

Dividends paid to stockholders                    ($1,900)

Cash flow from financing                              $34,100

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