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Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663

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BuyFindarrow_forward

Financial And Managerial Accounting

15th Edition
WARREN + 1 other
Publisher: Cengage Learning,
ISBN: 9781337902663
Chapter 1, Problem 7BE
Textbook Problem
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Statement of cash flows

A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows:

Chapter 1, Problem 7BE, Statement of cash flows A summary of cash flows for Paradise Travel Service for the year ended May

The cash balance as of June 1, 20Y5, was $50,000.

Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 20Y6.

To determine

Prepare the statement of cash flows for Company PTS for the year ended May 31, 20Y6.

Explanation of Solution

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. Operating activities include cash inflows and outflows from business operations. Investing activities includes cash inflows and cash outflows from purchase and sale of land or equipment, or investments. Financing activities includes cash inflows and outflows from issuance of common stock and debt, payment of debt and dividends.

Prepare the statement of cash flows for Company PTS for the year ended May 31, 20Y6.

Company PTS
Statement of Cash Flows
For the Year Ended May 31, 20Y6
ParticularsAmount ($)Amount ($)
Cash flows from operating activities:  
 ...

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Financial And Managerial Accounting
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