Below are cash transactions for Goldman Incorporated, which provides consulting

Question

Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals.

a. Cash used for purchase of office supplies, $2,000.
b. Cash provided from consulting to customers, $46,600.
c. Cash used for purchase of mining equipment, $75,000.
d. Cash provided from long-term borrowing, $62,000.
e. Cash used for payment of employee salaries, $24,200.
f. Cash used for payment of office rent, $12,200.
g. Cash provided from sale of equipment purchased in c. above, $22,700.
h. Cash used to repay a portion of the long-term borrowing in d. above, $41,000.
i. Cash used to pay office utilities, $4,500.
j. Purchase of company vehicle, paying $10,200 cash and borrowing $15,200.

Required:

Calculate cash flows from financing activities. (List cash outflows as negative amounts.)

Cash flows from financing activities

Explanation / Answer

Calculate cash flows from financing activities.

Cash provided from long-term borrowing 62000 Cash used to repay a portion of the long-term borrowing in d. above -41000 Net cash flow from financing activities 21000

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