Question
Gomez Company borrowed $10,000 from the State Bank on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of
Gomez Company borrowed $10,000 from the State Bank on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of cash outflow from operating activities that Gomez would report on its Year 2 statement of cash flows would be
a. zero
b. 450
c. 600
d. 150
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Contemporary Auditing
Authors: Michael C Knapp
12th Edition
357515404, 978-0357515402
