Exercise 12-22B (Static) Direct: Preparing statement of cash flows from Cash T-account LO P1, P3, P5

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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	$ 333,000
Receipts from customers	5,000,000	Payments for inventory	$ 2,590,000
Receipts from dividends	208,400	Payments for wages	550,000
Receipts from land sale	220,000	Payments for rent	320,000
Receipts from machinery sale	710,000	Payments for interest	218,000
Receipts from issuing stock	1,540,000	Payments for taxes	450,000
Receipts from borrowing	3,600,000	Payments for machinery	2,236,000
		Payments for stock investments	1,260,000
		Payments for long-term notes payable	386,000
		Payments for dividends	500,000
		Payments for treasury stock	218,000
Balance, December 31, current year	$ ?question mark

Exercise 12-22B (Static) Part 1

(1) Prepare a complete statement of cash flows for the current year using the direct method.

Note: Amounts to be deducted should be indicated with a minus sign.