Howard Co. made a $25,000 cash payment on a term loan. The payment included a $23,000 reduction of principal as well as $2,000 of interest. (Show the combined effects of the events.)
What will be an ideal response?
(D) (D) (NA) (D)
A cash payment for interest expense decreases net income. It is reported as a cash outflow in the operating activities section of the statement of cash flows. The cash paid to reduce the principal on a term loan is reported as a cash outflow in the financing activities section of the statement of cash flows.
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