Tally-Ho Horse Farms, Inc., began 2018 with cash of $170,000. During the year, Tally-Ho earned service revenue
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Tally-Ho Horse Farms, Inc., began 2018 with cash of $170,000. During the year, Tally-Ho earned service revenue of $595,000 and collected $590,000 from customers. Expenses for the year totaled $395,000, with $380,000 paid in cash to suppliers and employees. Tally-Ho also paid $134,000 to purchase equipment and paid a cash dividend of $55,000 to stockholders. During 2018, Tally-Ho borrowed $20,000 by issuing a note payable. Prepare the company’s statement of cash flows for the year ending December 31, 2018. Format operating activities using the direct method.
DividendA dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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