Below are several transactions for Meyers Corporation for $2024.$

Issue common stock for cash, $$60,000.$

Purchase building and land with cash, $$45,000.$

Provide services to customers on account, $$8,000.$

Pay utilities on building, $$1,500.$

Collect $$6,000$ on account from customers.

Pay employee salaries, $$10,000.$

Pay dividends to stockholders, $$5,000.$

Required:

$1.$&$2.$ For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. Calculate net cash flows for the year.

$3.$ Assuming the balance of cash on January $1,2024,$ equals $$5,400,$ calculate the balance of cash on December $31,2024.$