Karaoke Company Uses the Indirect Method to Prepare Its Statement

Essay

Karaoke Company uses the indirect method to prepare its statement of cash flows. Refer to the following sections of the comparative balance sheet: Additional information:
No stock was retired.
No treasury stock was sold.
During 2014, the company repaid $60,000 of long-term notes payable.
During 2014, the company borrowed $51,000 on a new long-term note payable.
Net income for the year was $68,000.
Prepare the financing section of the statement of cash flows.