Answered: Cash and cash equivalents, Jan. 1. $…

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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Question

The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2011:

Using this information, prepare a statement of cash flows. Include a proper heading for the financial statement, and classify the given information into the categories of operating activities, investing activities, and financing activities. Determine net cash flows from operating activities by the direct method. Place brackets around the dollar amounts of all cash disbursements.

Cash and cash equivalents, Jan. 1.
$ 35,800
Cash and cash equivalents, Dec. 31
74,800
Cash paid to acquire plant assets
Proceeds from short-term borrowing
21,000
10,000
Loans made to borrowers
5,000
Collections on loans (excluding interest)
4,000
Interest and dividends received .
27,000
Cash received from customers
795,000
Proceeds from sales of plant assets
9,000
Dividends paid .
55,000
Cash paid to suppliers and employees
635,000
Interest paid.
Income taxes paid
19,000
71,000

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