Question
In: Accounting
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.)
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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 agoRelated Solutions
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