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.

THOMAS CORPORATION
Statement of Cash Flows
For Year Ended December 31
Cash flows from operating activities
		$0
Cash flows from investing activities
		0
Cash flows from financing activities
		0
Net increase (decrease) in cash		$0
Beginning balance of cash
Ending balance of cash		$0

Answer rating: 100% (QA)

Solution Thomas Corporation Statement of Cash Flows For Year Ended December 31 Cash Flow f... View the full answer