Please provide the answer to this general accounting question using the right approach. During the month of October, Northbay Corp had the followingtransactions:1. Revenues of $145,000 were earned and received in cash.2. Bank loans of $18,500 were paid off.3. Equipment worth $50,000 was purchased with cash.4. Expenses of $82,000 were paid.5. Stockholders purchased additional shares for $55,000 cash.A statement of cash flows for October would report net cash flows fromfinancing activities of.a. $55,000b. $36,500c. $50,000d. $18,500

Step 1: Definition of Net Cash Flows from Financing Activities Net cash flows from financing…

Answered: During the month of October, Northbay…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.2E

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General accounting
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