Holly Oaks, Inc. is preparing the company\'s statement of cash flows for the fis

Question

Holly Oaks, Inc. is preparing the company's statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from financing activities:

Debit Cash for $28,000; credit Notes Receivable $28,000.

Debit Cash $28,595.00; credit Interest Revenue $595.00; credit Notes Receivable $28,000.

Debit Cash $28,595.00; credit Notes Receivable for $28,595.00.

Debit Notes Payable $28,000; Debit Interest Expense $2,380; credit Cash $30,380.

Debit Cash $30,380; credit Interest Revenue $2,380, credit Notes Receivable $28,000.

Explanation / Answer

the following is the cash flow from financing activities:

note: interest amount paid or received is a part of cash flow from operating activities and is ignored in the calculation of cash flow from financing activities.

Cash received against notes receivable $28,000 cash received against notes receivable (ignore interest) $28,000 cash received against notes receivablee $28,595 Cash paid against notes payable (ignore interest) ($28,000) cash paid received against notes receivable $28,000 Total cash flow from financing activities $84,595

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