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Can I get the answer for this please? Urgent The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates
Can I get the answer for this please? Urgent
The following transactions occurred during March 2016 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. (a) Issued 30,000 shares of capital stock in exchange for $300,000 in cash. (b) Purchased equipment at a cost of $40,000. $10,000 cash was paid and a note payable was signed for the balance owed. (c) Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system. (d) Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000. (e) Paid $5,000 in rent on the warehouse building for the month of March. (f) Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2016. (g) Paid $70,000 on account for the merchandise purchased in (c). (h) Collected $55,000 from customers on account. (j) Recorded depreciation expense of $1,000 for the month on the equipment. Calculate net cash flows from operating activities. $ _____ Step by Step Solution
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