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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
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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