The Accounting Worksheet and the Statement of Cash Flows 

The accounting records for Copper Top Metals Inc., for the month ended Dec 31, 2xxx, contained the following information: 

a. Purchased fixed assets for cash, $97,400 

b. Issued common stock, $45,000 

c. Paid dividends, $47,400

d. Collected interest, $4,500 

e. Paid salaries, $94,000

 f. Sold fixed assets $24,000 cash 

g. Cash sales for the period were $110,000. 

h. Cash receipt of dividend revenue, $4,900

 i. Payments to inventory suppliers, $372,800

 j. Purchased equipment on credit, $57,000. 

k. Issued a long-term note, $39,100 

l. Purchased treasury stock, $46,000 

m. Cash collected from credit customers was $500,500

 n. Paid interest of $11,500 

o. Income tax payments, $38,000

 p. Cash balances: Nov 30, 2xxx, $39,300; Dec 31, 2xxx, $60,200 

Requirement 

1. Prepare the accounting worksheet and statement of cash flows for Copper Top Metals Inc. for the month ended Dec 31, 2xxx. Be sure to include a column to identify the transaction as either an Operating, Investing, or Financing activity. 

Additional Information 

This is the first month of operations for Copper Top Metals Inc., so all accounts

Answer rating: 100% (QA)

Statement of cash flows for Copper Top Metals Inc for the month ended Dec 31 2xxx Amou... View the full answer