Below is a summary of all transactions of Mason Furniture for the month of August 2021. Cash Transactions Cash collections from: Customers$82,300 Sale of unused land 11,500 Issuance of common stock 25,000 Interest earned on savings account 400 Cash payments for: Employee salaries (42,400)Delivery truck (30,000)Advertising expense (5,400)Office supplies (2,200)Repayment of borrowing (8,500)Fabric (6,300)Noncash Transactions Sales to customers on account 12,500 Purchase of fabric on account 6,200 Exchange common stock for building 80,000 Prepare a statement of cash flows for the month of August, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of August is $6,900. (List cash outflows and decrease in cash as negative amounts.) Answer is not complete. MASON FURNITUREStatement of Cash FlowsFor the month ended August 31, 2021Cash Flows from Operating Activities Cash inflows: From customersselected answer correct$82,300selected answer correct From interestselected answer correct400selected answer correct not attemptednot attempted not attemptednot attempted Cash outflows: For salariesselected answer correct(42,400)selected answer correct For advertisingselected answer correct(5,400)selected answer correct For office suppliesselected answer correct(2,200)selected answer correct For fabricselected answer correct(6,300)selected answer correct not attemptednot attempted not attemptednot attempted Net cash flows from operating activities $26,400Cash Flows from Investing Activities Sale of unused landselected answer correct11,500selected answer correct Purchase of delivery truckselected answer correct(30,000)selected answer correct not attemptednot attempted not attemptednot attempted Net cash flows from investing activities (18,500)Cash Flows from Financing Activities Issuance of common stockselected answer correct25,000selected answer correct Repayment of borrowingselected answer correct(8,500)selected answer correct not attempted16,500selected answer incorrect not attemptednot attempted Net cash flows from financing activities 33,000not attempted 24,400selected answer correctCash at the beginning of the month not attemptedCash at the end of the month

Name: Below is a summary of all transactions of Mason Furniture for the mont
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Below is a summary of all transactions of Mason Furniture for the month of August 2021. Cash Transactions Cash collections from: Customers$82,300 Sale of unused land 11,500 Issuance of common stock 25,000 Interest earned on savings account 400

Introduction cash flow statement is statement that tells about cash and financial position of…

Answered: Below is a summary of all transactions…

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Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

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Below is a summary of all transactions of Mason Furniture for the month of August 2021.


Cash Transactions
Cash collections from:
Customers	$	82,300
Sale of unused land		11,500
Issuance of common stock		25,000
Interest earned on savings account		400
Cash payments for:
Employee salaries		(42,400	)
Delivery truck		(30,000	)
Advertising expense		(5,400	)
Office supplies		(2,200	)
Repayment of borrowing		(8,500	)
Fabric		(6,300	)
Noncash Transactions
Sales to customers on account		12,500
Purchase of fabric on account		6,200
Exchange common stock for building		80,000

Prepare a statement of cash flows for the month of August, properly classifying each of the transactions into operating, investing, and financing activities. The cash balance at the beginning of August is $6,900. (List cash outflows and decrease in cash as negative amounts.)

Answer is not complete.

MASON FURNITURE
Statement of Cash Flows
For the month ended August 31, 2021
Cash Flows from Operating Activities
Cash inflows:
From customersselected answer correct	$82,300selected answer correct
From interestselected answer correct	400selected answer correct
not attempted	not attempted
not attempted	not attempted
Cash outflows:
For salariesselected answer correct	(42,400)selected answer correct
For advertisingselected answer correct	(5,400)selected answer correct
For office suppliesselected answer correct	(2,200)selected answer correct
For fabricselected answer correct	(6,300)selected answer correct
not attempted	not attempted
not attempted	not attempted
Net cash flows from operating activities		$26,400
Cash Flows from Investing Activities
Sale of unused landselected answer correct	11,500selected answer correct
Purchase of delivery truckselected answer correct	(30,000)selected answer correct
not attempted	not attempted
not attempted	not attempted
Net cash flows from investing activities		(18,500)
Cash Flows from Financing Activities
Issuance of common stockselected answer correct	25,000selected answer correct
Repayment of borrowingselected answer correct	(8,500)selected answer correct
not attempted	16,500selected answer incorrect
not attempted	not attempted
Net cash flows from financing activities		33,000
not attempted		24,400selected answer correct
Cash at the beginning of the month		not attempted
Cash at the end of the month

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