2Exercise 13-07 Question Check My eBook Video Exercise 13-7 Determining Cash Flo

Question

2Exercise 13-07 Question Check My eBook Video Exercise 13-7 Determining Cash Flows from Financing Activities: Notes Payable All transactions involving Notes Payable and related accounts of Sally Company during 2014 follow Dr Cr Cash 36,000 Notes Payable 36,000 Bank loan Dr Cr Patent 60,000 Notes Payable 50,000 Purchase of patent by issuing note payable Dr 10,000 1,000 Cr Notes Payable Interest Expense Cash 11,000 Repayment of note payable at maturity Determine the amounts of the transactions affecting financing activities and show how they appear on the statement of cash flows for 2014. Use the minus sign to indicate cash outflows or a decrease in cash Issue of notes payable Repayment of notes payable Issue of note payable for patent: $36,000 $9,000 60,000 Financing Activities Financing Activities Schedule of Noncash Investing and Financing Transactions

Explanation / Answer

Issue of notes payable 36000 Financing activities

Repayment of notes payable 10000 Financing activities

Issue of notes payable for patent 60000 Schedule of non-cash investing and financing transaction

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