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Statement of Cash Flows Shown below is selected information from the financial records of Mays Corporation as of December 31: $144,000 Cash purchase of equipment Inventory Cash collected from customers 660,000 Buildings, net Equipment, net Retained earnings $127,000 880,000 250,000 Sales revenue 950,000 550,000 Cash paid for operating activities 420,000 84,000 Principal payments on existing notes payable 127,000 220,000 Common stock 310,000 Cash dividends paid Salary expense Required Determine which of the above items will appear on the statement of cash flows and then prepare the statement for Mays Corporation for the year ended December 31. Use negative signs with your answers to show a cash outflow or decrease in cash.

Statement of Cash Flows Shown below is selected information from the financial records of Mays Corporation as of December 31: $144,000 Cash purchase of equipment Inventory Cash collected from customers 660,000 Buildings, net Equipment, net Retained earnings $127,000 880,000 250,000 Sales revenue 950,000 550,000 Cash paid for operating activities 420,000 84,000 Principal payments on existing notes payable 127,000 220,000 Common stock 310,000 Cash dividends paid Salary expense Required Determine which of the above items will appear on the statement of cash flows and then prepare the statement for Mays Corporation for the year ended December 31. Use negative signs with your answers to show a cash outflow or decrease in cash.

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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Statement of Cash Flows Shown below is selected information from the financial records of Mays Corporation as of December 31: $144,000 Cash purchase of equipment Inventory Cash collected from customers 660,000 Buildings, net 250,000 Sales revenue 550,000 Cash paid for operating activities Equipment, net Retained earnings Cash dividends paid Salary expense Required Determine which of the above items will appear on the statement of cash flows and then prepare the statement for Mays Corporation for the year ended December 31. Use negative signs with your answers to show a cash outflow or decrease in cash. Operating activities Cash flow from operating activities Investing activities Cash flow for investing activities Financing activities $127,000 880,000 950,000 420,000 84,000 Principal payments on existing notes payable 127,000 220,000 Common stock 310,000 Cash dividends paid Cash flow for financing activities Increase (Decrease) in cash Draviour Save Ancierr MAYS CORPORATION Statement of Cash Flows For Year Ended December 31 → • $ Moxt
Transcribed Image Text:Statement of Cash Flows Shown below is selected information from the financial records of Mays Corporation as of December 31: $144,000 Cash purchase of equipment Inventory Cash collected from customers 660,000 Buildings, net 250,000 Sales revenue 550,000 Cash paid for operating activities Equipment, net Retained earnings Cash dividends paid Salary expense Required Determine which of the above items will appear on the statement of cash flows and then prepare the statement for Mays Corporation for the year ended December 31. Use negative signs with your answers to show a cash outflow or decrease in cash. Operating activities Cash flow from operating activities Investing activities Cash flow for investing activities Financing activities $127,000 880,000 950,000 420,000 84,000 Principal payments on existing notes payable 127,000 220,000 Common stock 310,000 Cash dividends paid Cash flow for financing activities Increase (Decrease) in cash Draviour Save Ancierr MAYS CORPORATION Statement of Cash Flows For Year Ended December 31 → • $ Moxt
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