Riley Company borrowed $32,000 on April 1, 2016 from the Titan Bank. The note issued by Riley carried a one year term and a 8%

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Riley Company borrowed $32,000 on April 1, 2016 from the Titan Bank. The note issued by Riley carried a

one year term and a 8% annual interest rate. Riley earned cash revenue of $980 in 2016 and $1,300 in 2017.

Assume no other transactions.

The amount of net income on the 2017 income statement would be:

$640.
$660.
$(20).
$1,940.

The amount of cash flow from operating activities that would appear on the 2017 statement of cash flows would be:

$660 inflow.
$1,300 inflow.
$1,260 outflow.
$32,660 outflow.

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Riley Company borrowed $32,000 on April 1, 2016 from the Titan Bank. The note issued by Riley carried a one year term and a 8%

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