The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2020 with a
Question:
The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2020 with a December 31 closing date.
a. Compute the ending cash balance.
b. Prepare a statement of cash flows using the direct method.
Transcribed Image Text:
Cash Beginning balance 9,000 Equipment purchases Rent payable payments Bank loan principal 24,000 7,000 Sales of services 45,000 Receivables collections 50,000 12,000 Sale of property 7,500 Loan interest 3,000 Issuance of common stock 15,000 Payroll expense Dividend payments Miscellaneous expenses 26,500 4,000 13,000 10,000 Long-term borrowings 16,000 Long-term investment purchase
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a Ending cash Beginning cash Cash inflows Cash outflows 9000 133500 99500 43000 133500 45000 50000 7...View the full answer
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