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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

Kansas Company Uses the Indirect Method to Prepare Its Statement