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Required information [The following information applies to the questions displayed below.] The following summarized Cash T-account...

Required information

[The following information applies to the questions displayed below.]

The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Thomas Corporation for calendar-year 2017.

Cash
Balance, Dec. 31, 2016 $ 173,100
Receipts from customers 7,616,400 Payments for inventory $ 2,018,346
Receipts from dividends 2,665,740 Payments for wages 700,709
Receipts from land sale 2,818,068 Payments for rent 403,669
Receipts from machinery sale 898,735 Payments for interest 274,190
Receipts from issuing stock 1,957,415 Payments for taxes 571,230
Receipts from borrowing 3,297,901 Payments for machinery 2,840,917
Payments for long-term investments 2,871,383
Payments for note payable 487,450
Payments for dividends 632,161
Payments for treasury stock 274,190
Balance, Dec. 31, 2017 $ ?

(1) Use this information to prepare a complete statement of cash flows for year 2017. The cash provided or used by operating activities should be reported using the direct method. (Amounts to be deducted should be indicated with a minus sign.)
THOMAS CORPORATION
Statement of Cash Flows
For Year Ended December 31, 2017
Cash flows from operating activities
$0
Cash flows from investing activities
0
Cash flows from financing activities
0
Net increase (decrease) in cash $0
Beginning balance of cash
Ending balance of cash $0

Solutions

Expert Solution

(1) Use this information to prepare a complete statement of cash flows for year 2017. The cash provided or used by operating activities should be reported using the direct method.

THOMAS CORPORATION
Statement of Cash Flows
For Year Ended December 31, 2017
Cash flows from operating activities
Receipts from customers 7616400
Receipts from dividends 2665740
Payments for inventory (2018346)
Payments for wages (700709)
Payments for rent (403669)
Payments for interest (274190)
Payments for taxes (571230)
Net cash flow from operating activities $6313996
Cash flows from investing activities
Receipts from land sale 2818068
Receipts from machinery sale 898735
Payments for machinery (2840917)
Payments for long-term investments (2871383)
Net cash flow from investing activities (1995497)
Cash flows from financing activities
Receipts from issuing stock 1957415
Receipts from borrowing 3297901
Payments for note payable (487450)
Payments for dividends (632161)
Payments for treasury stock (274190)
Net cash flow from financing activities 3861515
Net increase (decrease) in cash $8180014
Beginning balance of cash 173100
Ending balance of cash $8353114

ekkarill92 answered 1 year ago
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