3. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign. THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash received from customers Cash paid for rent Cash paid for cleaning Cash paid for telephone Cash paid for utilities Cash paid to employees $ 0 27 Cash flows from investing activities 0 < Prev of 2 Next 2 e pe here to search LA

3. Prepare statement of cash flows for May. (Cash outflows should be indicated with a minus sign. THE GRAM CO. Statement of Cash Flows For Month Ended May 31 Cash flows from operating activities Cash received from customers Cash paid for rent Cash paid for cleaning Cash paid for telephone Cash paid for utilities Cash paid to employees $ 0 27 Cash flows from investing activities 0 < Prev of 2 Next 2 e pe here to search LA

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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January February March Sales $100,000 $121,000 $165,000 Manufacturing costs 42,000 52,000 59,000 Selling and administrative expenses 29,000 33,000 36,000 Capital expenditures 40,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative expenses are paid in the month incurred. Current assets as of January 1 include cash of $38,000, marketable securities of $54,000, and accounts receivable of $116,000 ($88,000 from December sales and $28,000 from November…
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