Question

Primorsk Corporation began the year 2011 with cash of $27,950. In addition to earning a net income of $19,000 and paying a cash dividend of $9,750, Primorsk borrowed $39,000 from the bank and purchased equipment with $62,500 of cash. Also, Accounts Receivable increased by $3,900, and Accounts Payable increased by $5,850.
Determine the amount of cash on hand at December 31, 2011, by preparing a statement of cash flows similar to the one in Exhibit1.11.


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  • CreatedSeptember 10, 2014
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