Oklahoma Corp

question 4

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,$85,000
2) Long-Term Notes Payable,ending balance,$75,000
3) Common Stock,beginning balance,$3000
4) Common Stock,ending balance,$28,000
5) Retained Earnings,beginning balance,$76,000
6) Retained Earnings,ending balance,$118,000
7) Treasury Stock,beginning balance,$5500
8) Treasury Stock,ending balance,$10,100
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 $25,000 on new long-term notes payable.
13) Net income for the year was $49,000.
14) Assume all dividends declared during the year were paid.
What is the net cash provided by financing activities?

• A) $20,400
• B) $13,400
• C) ($10,000)
• D) $3400

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Definitions:

Internal Users

Individuals or groups within an organization who use its information or systems for operational purposes.

Management Reports

Compiled data and analysis prepared for business managers to aid in making informed decisions regarding the company's operations.

Decision Makers

Individuals or groups within an organization responsible for making choices that affect the company’s strategy, operations, and financial outcomes.

Adjusting Journal Entries

Entries made in the accounting records to correct errors or allocate income and expenses to the correct periods.