The following Cash T-account shows the total debits and total credits to the Cash account of Thomas
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Question:
The following Cash T-account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year.
Cash | ||||||
---|---|---|---|---|---|---|
Debit | Credit | |||||
Balance, December 31, prior year | $ 202,200 | |||||
Receipts from customers | 8,896,800 | Payments for inventory | $ 2,357,652 | |||
Receipts from dividends | 3,113,880 | Payments for wages | 818,506 | |||
Receipts from land sale | 3,291,816 | Payments for rent | 471,530 | |||
Receipts from machinery sale | 1,049,822 | Payments for interest | 320,285 | |||
Receipts from issuing stock | 2,286,478 | Payments for taxes | 667,260 | |||
Receipts from borrowing | 3,852,314 | Payments for machinery | 3,318,506 | |||
Payments for stock investments | 3,354,094 | |||||
Payments for long-term notes payable | 569,395 | |||||
Payments for dividends | 738,434 | |||||
Payments for treasury stock | 320,285 | |||||
Balance, December 31, current year | $ ? |
(1) Prepare a complete statement of cash flows for the current year using the direct method.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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