Hollander Company gave a long-term note payable in the amount of $285,000 to acquire a new piece of equipment.This transaction will be reported on the statement of cash flows as a ________.

Question

Quizplus · Accepted Answer

The transaction involves a long-term note payable and does not involve cash, so it is reported as a noncash transaction on the statement of cash flows.

Hollander Company Gave a Long-Term Note Payable in the Amount