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Oklahoma Corp

question 159

Multiple Choice

Oklahoma Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2018:
1) Long-Term Notes Payable, beginning balance, $84,000
2) Long-Term Notes Payable, ending balance, $99,000
3) Common Stock, beginning balance, $3400
4) Common Stock, ending balance, $26,000
5) Retained Earnings, beginning balance, $78,000
6) Retained Earnings, ending balance, $120,000
7) Treasury Stock, beginning balance, $5800
8) Treasury Stock, ending balance, $10,600
9) No stock was retired.
10) No treasury stock was sold.
11) During 2018, the company repaid $35,000 of long-term notes payable.
12) During 2018, the company borrowed $27,000 on new long-term notes payable.
13) Net income for the year was $50,000.
14) Assume all dividends declared during the year were paid.
What is the net cash provided by financing activities?

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Definitions:

Long-Run Equilibrium

A state in which all firms in a market are making normal profits and there is no incentive for market entry or exit, usually achieved in the long term.

Demand Increases

Situations or conditions that lead to a rise in the quantity of a product or service that consumers are willing and able to purchase.

Market Supply

The total quantity of a good or service that all producers in a market are willing and able to sell at various prices.

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that all suppliers are willing to produce and sell.