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Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals. a....

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Accounting

Below are cash transactions for Goldman Incorporated, whichprovides consulting services related to mining of preciousmetals.

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 ind. 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. (Listcash outflows as negative amounts.)

Answer & Explanation Solved by verified expert
3.7 Ratings (341 Votes)

  • All working and explanation forms part of the answer
  • Cash Flows from Financing Activities:

d.

Cash provided from long-term borrowing

$                                   53,000.00

h.

Cash used to repay a portion of the long-term borrowing

$                                 (36,500.00)

Total

Cash Flows from Financing Activities

$                                   16,500.00

  • Why other items are not considered?

Serial no. of items not considered

Reason

a.

Part of Operating Activities section

b.

Part of Operating Activities section

c.

Part of Investing Activities section

e.

Part of Operating Activities section

f.

Part of Operating Activities section

g.

Part of Investing Activities section

i.

Part of Operating Activities section

j.

Part of Investing Activities section

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