Question: Wilco Inc. borrows $ 5 0 , 0 0 0 from Osceola Bank on July 1 , 2 0 2 2 . Wilco uses the

Wilco Inc. borrows $50,000 from Osceola Bank on July 1,2022. Wilco uses the $50,000 to
buy a new truck for deliveries on July 10,2022. Wilco also recognizes $5,000 of depreciation
expense in 2022 related to the truck. These transactions will affect all three areas of the
statement of cash flows in 2022.
True
False
Wilco Inc. borrows $50,000 from Osceola Bank on July 1,2022. Wilco

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