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8A. Warner Island, Inc. began 2018 with cash of $55,000. During the year, Warner Island earned revenue of $210,000 and collected $70,000 from customers. Expenses
8A. Warner Island, Inc. began 2018 with cash of $55,000. During the year, Warner Island earned revenue of $210,000 and collected $70,000 from customers. Expenses for the year totaled $129,000, of which Warner Island paid $45,000 in cash to suppliers and $60,000 in cash to employees. The company received $2,200 cash for interest revenue and paid $12,000 for income taxes. Warner Island also paid $26,000 to purchase equipment and a cash dividend of $18,000 to its stockholders during 2018. Prepare the company's operating activities section of the statement of cash flows for the year ended December 31, 2018. Use the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Warner Island, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2018 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities
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