Attempts Average 1 4. Sources and uses of cash In addition to recognizing what type of activity transactions are being descnbed, it is important to recognize whether a transaction is a source or a use of cash in the following table, determine whether each transaction is a source or a use of cash. Source of Cash Use of Cash Gates Co. incurred total operating expenses of $534,000 and total cash payments for expenses that equaled 5781,000 o Reyes Inc generated $1,478,000 in net sales revenue and collected 51,384,000 in cash for sales made during the year o Graham Copaid preferred dividends of $36,000 o o McLaren Technologies paid $209,000 of the principal owed on long-term debt. Williamson Cowed a long-term nate for $362,000 OOO Astrong Inc. purchased a factory for $741,000 Freeman Inc. sold equipment for $52,000 Grade It Now Save & Continue