Answer only please Santa Fe Company was started on January 1, Year 1, when it acquired $8,400 cash by issuing common stock. During Year 1, the company earned cashrevenues of $4,100, paid cash expenses of $2,950, and paid a cash dividend of $500, Which of the followingtrue based on this information?Multiple ChoiceThe Year 1 statement of cash flows would show a net cash inflow from financing activities of $8,400.The Year 1 statement of cash flows would show net cash inflow from operating activities of $1,150.The December 31, Year 1 balance sheet would show total equity of $12,500.The Year 1 income statement would show net income of $650.

Operating Activity Activity refers to day to day operations of a business. Cash inflow and outflow…

Answered: Answer only please

Business

Accounting

Answer only please

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.2E

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Provide journal entries to record each of the following transactions. For each, also identify *the appropriate section of the statement of cash flows, and s utility bill, $1,500
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EXPANDED STATEMENT OF CASH FLOWS Financial statements for McGinnis Company as well as additional information relevant to cash flows during the period are given below and on the next page. Additional information: 1. Office equipment was sold in 20-2 for 35,000. Additional information on the office equipment sold is provided below. 2. Depreciation expense for the year was 70,000. 3. The following purchases were made for cash: 4. Declared and paid cash dividends of 40,000. 5. Issued 10,000 shares of 10 par common stock for 22 per share. 6. Acquired additional office equipment by issuing a note payable for 8,000. REQUIRED Prepare a statement of cash flows explaining the change in cash and cash equivalents for the year ended December 31, 20-2.
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