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SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Received from customers 36,600 Paid for expenses 53,900 Net cash flow from operating activities 90,500 Cash flow from investing activities Cash flows from financing activities: Received from stock issue 53,000 Net cash flow from financing activities 53,000 143,500 Net change in cash Plus: Beginning cash balance Ending cash balance 143,500 %24 %24 %24

SMITH TRAINING COMPANY Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Received from customers 36,600 Paid for expenses 53,900 Net cash flow from operating activities 90,500 Cash flow from investing activities Cash flows from financing activities: Received from stock issue 53,000 Net cash flow from financing activities 53,000 143,500 Net change in cash Plus: Beginning cash balance Ending cash balance 143,500 %24 %24 %24

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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Required information SMITH TRAINING COMPANY 4 Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Received from customers 36,600 O Paid for expenses 53,900 8 0:15 Net cash flow from operating activities 90,500 Cash flow from investing activities, Cash flows from financing activities: Received from stock issue 53,000 Net cash flow from financing activities 53,000 Net change in cash 143,500 Plus: Beginning cash balance Ending cash balance 143,500 < Prev Next > 4 of 8 Fook Air F11 F10
Transcribed Image Text:Required information SMITH TRAINING COMPANY 4 Statement of Cash Flows For the Year Ended December 31, Year 1 Cash flow from operating activities: Received from customers 36,600 O Paid for expenses 53,900 8 0:15 Net cash flow from operating activities 90,500 Cash flow from investing activities, Cash flows from financing activities: Received from stock issue 53,000 Net cash flow from financing activities 53,000 Net change in cash 143,500 Plus: Beginning cash balance Ending cash balance 143,500 < Prev Next > 4 of 8 Fook Air F11 F10
Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: 30 Established the business when it acquired $53,000 cash from the issue of common stock. 1 Paid rent for office space for two years, $16,500 cash. Jan. Feb. Apr. 10 Purchased $900 of supplies on account. 1 Received $25,000 cash in advance for services to be provided over the next year. July 20 Paid $675 of the accounts payable from April 18. 15 Billed a customer $9,600 for services provided during Aug. August. 15 Completed a jb and received $2,800 cash for services Sept. rendered. 1 Paid employee salaries of $36,500 cash. 15 Received $8,800 cash from accounts receivable. 16 Billed customers $31,500 for services rendered on account. Oct. Nov. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,250 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) Dec. 31 Physically counted supplies; $150 was on hand at the end of the period. A DronarA an income etatomont etatomont of channee in etnckholdere onuitu hals < Prev of 8 Next > 4 G Air
Transcribed Image Text:Required information [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: 30 Established the business when it acquired $53,000 cash from the issue of common stock. 1 Paid rent for office space for two years, $16,500 cash. Jan. Feb. Apr. 10 Purchased $900 of supplies on account. 1 Received $25,000 cash in advance for services to be provided over the next year. July 20 Paid $675 of the accounts payable from April 18. 15 Billed a customer $9,600 for services provided during Aug. August. 15 Completed a jb and received $2,800 cash for services Sept. rendered. 1 Paid employee salaries of $36,500 cash. 15 Received $8,800 cash from accounts receivable. 16 Billed customers $31,500 for services rendered on account. Oct. Nov. 1 Paid a dividend of $1,500 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,250 of accrued salaries as of December 31. 31 Recorded the rent expense for the year. (See February 1.) Dec. 31 Physically counted supplies; $150 was on hand at the end of the period. A DronarA an income etatomont etatomont of channee in etnckholdere onuitu hals < Prev of 8 Next > 4 G Air
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