Question
At the end of the year, Wyatt Company had the following information related to transactions in its cash account: Payments for inventory $380,000 Collections on
At the end of the year, Wyatt Company had the following information related to transactions in its cash account:
Payments for inventory | $380,000 |
Collections on accounts receivables | 500,000 |
Payments for interest | 3,000 |
Payments for wages and salaries | 174,000 |
Payments for purchase of land | 45,000 |
Proceeds from sale of equipment | 26,000 |
Payments for retirement of long-term debt | 20,000 |
Proceeds from sale of common stock | 100,000 |
Payments for taxes | 55,000 |
Additionally, Wyatt had a cash balance at the beginning and ending of the year of $75,000 and $24,000, respectively.
Using this information, prepare Wyatt's cash flow statement using the direct method.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started