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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Please do not give solution in image format thanku 

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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education