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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Statement of cash flows

A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016, follows:

Cash receipts:

Cash received from customers

$734,000
Cash received from additional investment of owner 36,000

Cash payments:

Cash paid for operating expenses

745,600
Cash paid for land 50,000
Cash paid to owner for personal use 18,000

The cash balance as of September 1, 2015, was $89,000.

Prepare a statement of cash flows for Sentinel Travel Service for the year ended August 31, 2016.

To determine

Statement of cash flows: This statement reports all the cash transactions which are responsible for inflow and outflow of cash, and result of these transactions is reported as ending balance of cash at the end of reported period. Statement of cash flows includes the changes in cash balance due to operating, investing, and financing activities.

To prepare: Statement of cash flows of ST Service for the year ended August 31, 2016

Explanation

Prepare statement of cash flows of ST Service for the year ended August 31, 2016.

ST Service
Statement of Cash Flows
For the Year Ended August 31, 2016
Cash flows from operating activities:    
      Cash receipts from customers $734,000  
      Deduct cash payments for operating expenses (745,600)  
          Net cash flows used for operating activities   $(11,600)
Cash flows from (used for) investing activities:    ...

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