Problem: 2.11. During the month of October 2011, Miller Company had the followin

Question

Problem: 2.11. During the month of October 2011, Miller Company had the following transactions: 1. Revenues of $10,000 were earned and received in cash. 2. Bank loans of $2,000 were paid off. 3. Equipment of $2,500 was purchased for cash. 4. Expenses of $7,200 were paid. 5. Additional shares of capital stock were sold for $6,000 cash. Assuming that the cash balance at the beginning of the month was $7,450, prepare a statement of cash flows that displays operating, investing, and financing activities and that reconciles the beginning and ending cash balances.

Explanation / Answer

Owners' Equity - - - - - - - - - - - - - - - - - - - - Beg Balance . . . . 480,000 - Dividends Paid . . (18,500) + Revenues . . . . .100,500 - Expenses . . . . . .(78,000) - - - - - - - - - - - - - - - - - - - - - End Balance . . . . 484,000

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