Washington Company is preparing its statement of cash flows using the indirect method. Refer to the following portion of the comparative balance sheet: Washington Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Increase/(Decrease) Accounts Payable $9,000 $5,000 ($4,000) Accrued Liabilities 3,000 1,400 1,600 Long=term Notes Payable 55,000 66,000 (11,000) Total Liabilities $67,000 $72,400 $(5,400) Additional information provided by the company includes the following: 1. During 2019, the company repaid $35,000 of long-term notes payable. 2. During 2019, the company borrowed $24,000 on a new long-term note payable. Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows?

Washington Corporation

Financing Activities Section of the Statement of Cash Flows for the year ended December 31, 2019 will show a net cash flow of:

($11,000)

Explanation:

a) Data and Calculations:

Washington Company Comparative Balance Sheet December 31, 2019 and 2018:

                                                2019           2018        Increase/(Decrease)

Accounts Payable                $9,000       $5,000       ($4,000)

Accrued Liabilities                  3,000          1,400            1,600

Long-term Notes Payable   55,000        66,000         (11,000)

Total Liabilities                    $67,000     $72,400       $(5,400)

Repaid $35,000 of long-term notes payable

Borrowed $24,000 on new long-term notes payable

b) Financing Section:

Repayment of Long-term notes     ($35,000)

Borrowing from Long-term notes      24,000

Net cash flow from financing           ($11,000)

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