Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,550. b. Cash provided from consulting to customers, $42,100. c. Cash used for purchase of mining equipment, $66,000. d. Cash provided from long-term borrowing, $53,000. e. Cash used for payment of employee salaries, $23,300. f. Cash used for payment of office rent, $11,300. g. Cash provided from sale of equipment purchased in c. above, $21,800. h. Cash used to repay a portion of the long-term borrowing in d. above, $36,500. i. Cash used to pay office utilities, $3,600. j. Purchase of company vehicle, paying $9,300 cash and borrowing $14,300. Required: Calculate cash flows from financing activities. (List cash outflows as negative amounts.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
Don't provide answer in image format
Below are cash transactions for Goldman Incorporated, which provides consulting services
related to mining of precious metals.
a. Cash used for purchase of office supplies, $1,550.
b. Cash provided from consulting to customers, $42,100.
c. Cash used for purchase of mining equipment, $66,000.
d. Cash provided from long-term borrowing, $53,000.
e. Cash used for payment of employee salaries, $23,300.
f. Cash used for payment of office rent, $11,300.
g. Cash provided from sale of equipment purchased in c. above, $21,800.
h. Cash used to repay a portion of the long-term borrowing in d. above, $36,500.
i. Cash used to pay office utilities, $3,600.
j. Purchase of company vehicle, paying $9,300 cash and borrowing $14,300.
Required:
Calculate cash flows from financing activities. (List cash outflows as negative amounts.)
Transcribed Image Text:Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a. Cash used for purchase of office supplies, $1,550. b. Cash provided from consulting to customers, $42,100. c. Cash used for purchase of mining equipment, $66,000. d. Cash provided from long-term borrowing, $53,000. e. Cash used for payment of employee salaries, $23,300. f. Cash used for payment of office rent, $11,300. g. Cash provided from sale of equipment purchased in c. above, $21,800. h. Cash used to repay a portion of the long-term borrowing in d. above, $36,500. i. Cash used to pay office utilities, $3,600. j. Purchase of company vehicle, paying $9,300 cash and borrowing $14,300. Required: Calculate cash flows from financing activities. (List cash outflows as negative amounts.)
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education