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All-Star Automotive Company experienced the following accounting events during 2018:   Performed services for $14,200 cash. Purchased land for $7,200 cash. Hired an accountant to keep the books. Received $32,000 cash from the issue of common stock. Borrowed $8,400 cash from State Bank. Paid $4,200 cash for salary expense. Sold land for $8,400 cash. Paid $3,200 cash on the loan from State Bank. Paid $4,400 cash for utilities expense. Paid a cash dividend of $1,200 to the stockholders.   Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.

All-Star Automotive Company experienced the following accounting events during 2018:   Performed services for $14,200 cash. Purchased land for $7,200 cash. Hired an accountant to keep the books. Received $32,000 cash from the issue of common stock. Borrowed $8,400 cash from State Bank. Paid $4,200 cash for salary expense. Sold land for $8,400 cash. Paid $3,200 cash on the loan from State Bank. Paid $4,400 cash for utilities expense. Paid a cash dividend of $1,200 to the stockholders.   Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.

FINANCIAL ACCOUNTING
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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All-Star Automotive Company experienced the following accounting events during 2018:

 

  1. Performed services for $14,200 cash.

  2. Purchased land for $7,200 cash.

  3. Hired an accountant to keep the books.

  4. Received $32,000 cash from the issue of common stock.

  5. Borrowed $8,400 cash from State Bank.

  6. Paid $4,200 cash for salary expense.

  7. Sold land for $8,400 cash.

  8. Paid $3,200 cash on the loan from State Bank.

  9. Paid $4,400 cash for utilities expense.

  10. Paid a cash dividend of $1,200 to the stockholders.

 

Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.

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