Riley Company borrowed $32,000 on April 1, 2016 from the Titan Bank. The note issued by Riley
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Question:
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.
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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