Kansas Company Uses the Indirect Method to Prepare Its Statement

question 37

Essay

Kansas Company uses the indirect method to prepare its statement of cash flows.Refer to the following portion of the comparative balance sheet:


Additional information provided by the company includes the following:
During 2019,the company repaid $60,000 of long-term notes payable.
During 2019,the company borrowed $51,000 on a new long-term note payable.
Use the T-account format to evaluate the transactions affecting the long-term notes payable account.

---

Definitions:

Manifest Function

A manifest function is an intended and recognized consequence of any social pattern, contributing to the adjustment or adaptation of a system.

Social Exclusion

A process in which individuals or groups are systematically blocked from rights, opportunities, and resources that are normally available to members of society and that are key to social integration.

Scholarship

Financial support awarded to a student based on academic achievement or other criteria to help fund their education.

Alumni

Former students or graduates of a particular school, college, or university, often forming an association to maintain connections with their institution.