(1) Use this information to prepare a complete statement of cash flows for year
ID: 2525306 • Letter: #
Question
(1) Use this information to prepare a complete statement of cash flows for year 2013. direct method. Balance, Dec. 31, 2012........... 333 Payments for note payable............. 386 Payments for dividends ........... 500 Payments for treasury stock ..........218 Receipts from customers........... 5,000 Receipts from dividends .............. 208 Receipts from land sale ............. 220 Receipts from machinery sale it. 710 Receipts from issuing stock ........ 1,540 Receipts from borrowing ............ 3,600 Payments for merchandise 2,590 Payments for wages.com..... 550 Payments for rent.............. ... 320 Payments for interest ........... . 218 Payments for taxes................ 450 Payments for machinery.c............. Payments for long-term investments ..ic.1,260 FITNE THOMAS CORPORATION Statement of Cash Flows For Year Ended December 31, 2013 Cash flows from operating activities Net cash provided by operating activities............. Cash flows from investing activities Net cash used in investing activities ... Cash flows from financing activities Net cash provided by financing activities ..... Net Increase (decrease) in cash ....... Beginning balance of cash ......... .. Ending balance of cash........... A. What is the ending cash balance at December 31, 2013? B. Which section - Operating, Investing, or Financing shows the largest cash inflow? C. Which item is the largest cash outflow for Investing Activities? D. Does the company have a net cash inflow or outflow for Operating activities?Explanation / Answer
THOMAS CORPORATION Statement of Cash Flows (Direct Method) For the Year ended Dec 31, 2013 Cash Flow From opearting Activities Cash Received from Customers 5,000.00 Cash Received from Dividends 208.00 Cash Paid For Merchandise (2,590.00) Cash Paid For Wages (550.00) Cash Paid For Rent (320.00) Cash Paid For Interest (218.00) Cash Paid for Taxes (450.00) Net Cash Flow provided (used) from Operating Activities 1,080.00 Cash flow from Investing Activities Cash Paid for Purchase of Machinery (2,236.00) Cash Paid for Purchase of Long term Investments (1,260.00) Cash Received from Sale of Land 220.00 Cash Received from Sale of Machinery 710.00 Net Cash Flow provided (used) from Investing activities (2,566.00) Cash Flow from Financing Activities Cash Paid for Note Payable (386.00) Cash Paid for Dividends (500.00) Cash Paid for Treasury Stock (218.00) Cash received For Issue of Common Stock 1,540.00 Cash Received from borrowings 3,600.00 Cash Flow from Financing Activities 4,036.00 Net Increase / (Decrease) in Cash 2,550.00 Cash Beginning Balance - Dec 31, 2012 333.00 Cash Ending Balance - Dec 31, 2013 2,883.00 Answer A. Cash Ending Balance - Dec 31, 2013 2,883.00 Answer B. Highest Cash Inflow Cash Flow from Financing Activities 4,036.00 Answer C. Cash Paid for Purchase of Machinery (2,236.00) Answer D. Net Cash Flow Inflow from Operating Activities 1,080.00
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