[The following information applies to the questions displayed below. Riley Company borrowed $32,000 on April...
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[The following information applies to the questions displayed below. Riley Company borrowed $32,000 on April 1, 2016 from the Titan Bank. The note issued by Riley carried a one year term and a 8% annual interest rate. Riley earned cash revenue of $980 in 2016 and $1,300 in 2017. Assume no other transactions. The amount of net income on the 2017 income statement would be: O $640 O $660 O $(20) O $1.940 The amount of cash flow from operating activitles that would appear on the 2017 statement of cash flows would be: $660 inflow $1,300 inflow O$1,260 outflow. O $32,660 outflow
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