Riley Company borrowed $38,000 on April 1, Year 1 from the Titan Bank. The note...
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Accounting
Riley Company borrowed $38,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a 6% annual interest rate. Riley earned cash revenue of $1,040 in Year 1 and $1,200 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
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$630 inflow
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$1,200 inflow
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$38,630 outflow
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$1,080 outflow
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