Riley Company borrowed $24,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried one year term and a 4% annual interest rate. Riley earned cash revenue of $900 in Year 1 and $500 in Year 2. Assume no other transactions. The amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows would be: Multiple Choice O $260 inflow $500 inflow $24,260 outflow $460 outflow

Riley Company borrowed $24,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried one year term and a 4% annual interest rate. Riley earned cash revenue of $900 in Year 1 and $500 in Year 2. Assume no other transactions. The amount of cash flow from operating activities that would appear on the Year 2 statement of cash flows would be: Multiple Choice O $260 inflow $500 inflow $24,260 outflow $460 outflow

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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