All-Star Automotive Company experienced the following accounting events during 2018: Performed services for $14,200 cash. Purchased land for $7,200 cash. Hired an accountant to keep the books. Received $32,000 cash from the issue of common stock. Borrowed $8,400 cash from State Bank. Paid $4,200 cash for salary expense. Sold land for $8,400 cash. Paid $3,200 cash on the loan from State Bank. Paid $4,400 cash for utilities expense. Paid a cash dividend of $1,200 to the stockholders. Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.
All-Star Automotive Company experienced the following accounting events during 2018: Performed services for $14,200 cash. Purchased land for $7,200 cash. Hired an accountant to keep the books. Received $32,000 cash from the issue of common stock. Borrowed $8,400 cash from State Bank. Paid $4,200 cash for salary expense. Sold land for $8,400 cash. Paid $3,200 cash on the loan from State Bank. Paid $4,400 cash for utilities expense. Paid a cash dividend of $1,200 to the stockholders. Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...
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All-Star Automotive Company experienced the following accounting events during 2018:
-
Performed services for $14,200 cash.
-
Purchased land for $7,200 cash.
-
Hired an accountant to keep the books.
-
Received $32,000 cash from the issue of common stock.
-
Borrowed $8,400 cash from State Bank.
-
Paid $4,200 cash for salary expense.
-
Sold land for $8,400 cash.
-
Paid $3,200 cash on the loan from State Bank.
-
Paid $4,400 cash for utilities expense.
-
Paid a cash dividend of $1,200 to the stockholders.
Prepare a statement of cash flows for 2018. Assume All-Star Automotive company had a beginning cash balance of $9,200 on January 1, 2018.
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