10

Reporting Amounts on the Four Basic Financial Statements and Evaluating Financial Statements [LO 1-2, LO 1-3]

Skip to question

[The following information applies to the questions displayed below.]

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2021.

Accounts Payable	$153,000
Accounts Receivable	23,000
Cash (balance on September 1, 2020)	83,000
Cash (balance on August 31, 2021)	93,000
Common Stock	100,000
Dividends	12,000
Equipment	763,000
Notes Payable	38,000
Office Expense	135,000
Prepaid Rent	59,000
Retained Earnings (beginning)	418,000
Salaries and Wages Expense	995,000
Salaries and Wages Payable	178,000
Sales Revenue	1,803,000
Supplies	40,000
Utilities Expense	570,000

Other cash flow information:
Additional investments by stockholders	$ 44,000
Cash paid to purchase equipment	52,000
Cash paid to suppliers and employees	1,514,000
Repayments of borrowings	163,000
Cash received from customers	1,701,000
Cash received from borrowings	6,000
Dividends paid in cash	12,000

PB1-3 (Algo) Part 4

4. Prepare a statement of cash flows for the fiscal year ended August 31, 2021. (Cash outflows should be entered as negative amounts.)