The following summarized cash t account reflects the total debits and total cred
ID: 2422326 • Letter: T
Question
The following summarized cash t account reflects the total debits and total credits to the cash account of the Thomas corporation for calander year 2013Please use the same format as the second picture please ezto.mhed xam 2-Chapters 12&14 Questions 14 -15 (of 15) > 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 2013. Cash Balance, Dec. 31, 2012 $ 203,300 8,945,200 Payments for merchandise ,130,820 Payments for wages ,309,724 Payments for rent ,055,534 Payments for interest 2,298,916 Payments for taxes 3,873,272 Payments for machinery $2,370,478 822,958 Receipts from customers Receipts from dividends Receipts from land sale Recelpts from machinery sale Recelpts from issuing stock Receipts from borrowing 474,096 322,027 670,890 3.336,560 Payments for long-term investments3,372,340 572,493 742,452 322,027 Payments for note payable Payments for dividends Payments for treasury stock Balance, Dec. 31, 2013 20.00 points (1) Use this information to prepare a complete statement of cash fiows for year 2013. The casn provided or used by operating activties 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, 2013
Explanation / Answer
Thomas Corporation Statement of Cash Flows For the year ended December 31, 2013 Cash Flows from operating Activities Receipts From Customers 8,945,200 Payment of Merchandise (2,370,478) Payment of wages (822,958) Payment of rent (474,096) Payment for interest (322,027) Payment for Taxes (670,890) Net Cash Flows from operating Activities 4,284,751 Cash Flows from Investing Activities Receipts from Dividends 3,130,820 Receipts from Land sale 3,309,724 Receipts from Machinery sale 1,055,534 Payment for Machinery (3,336,560) Payment of Long term investments (3,372,340) Net Cash Flows from Investing Activities 787,178 Cash Flows from Financing Activities Receipts from Issuing Stocks 2,298,916 Receipts from Borrowings 3,873,272 Payment of note payable (572,493) Payment of dividends (742,452) Payment for Treasury stocks (322,027) Net Cash Flows from Financing Activities 4,535,216 Net Increase/ (decrease) in Cash 9,607,145 Beginning Balance of Cash 203,300 Ending Balance of Cash 9,810,445
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