The following events apply to Paradise Vacations’s first year of operations: 1. Acquired $24,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,000 of supplies on account. 3. Paid $4,680 cash in advance for a one-year lease on office space. 4. Earned $32,350 of revenue on account. 5. Incurred $13,100 of other operating expenses on account. 6. Collected $26,000 cash from accounts receivable. 7. Paid $9,200 cash on accounts payable. 8. Paid a $3,400 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $190 of supplies on hand at the end of the accounting period. 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $4,000 of accrued salaries at the end of the period. Required: Prepare a statement of cash flows Complete this question by entering your answers in the tabs below. First Column, Rows 2-4 & 8-10 Answer Options: - Inflow from customers - Inflow from stock issue - Outflow for dividends - Outflow for expenses - Outflow for inventory First Column, Row 13 Answer Options: - Add: Beginning cash balance - Less: Beginning cash balance
The following events apply to Paradise Vacations’s first year of operations:
1. Acquired $24,000 cash from the issue of common stock on January 1, Year 1.
2. Purchased $1,000 of supplies on account.
3. Paid $4,680 cash in advance for a one-year lease on office space.
4. Earned $32,350 of revenue on account.
5. Incurred $13,100 of other operating expenses on account.
6. Collected $26,000 cash from accounts receivable.
7. Paid $9,200 cash on accounts payable.
8. Paid a $3,400 cash dividend to the stockholders.
Information for
9. There was $190 of supplies on hand at the end of the accounting period.
10. The lease on the office space covered a one-year period beginning November 1.
11. There was $4,000 of accrued salaries at the end of the period.
Required:
Prepare a statement of cash flows
Complete this question by entering your answers in the tabs below.
First Column, Rows 2-4 & 8-10 Answer Options:
- Inflow from customers
- Inflow from stock issue
- Outflow for dividends
- Outflow for expenses
- Outflow for inventory
First Column, Row 13 Answer Options:
- Add: Beginning cash balance
- Less: Beginning cash balance
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