Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cathy Company had the following transactions during 2021: . The company was started when it received $28,500 cash from the owners who purchased stock.

image text in transcribed

Cathy Company had the following transactions during 2021: . The company was started when it received $28,500 cash from the owners who purchased stock. The company purchased equipment on January 1 that cost $15,000 cash. The equipment had a three-year useful life and a $1,500 salvage value. Cathy Company uses straight-line depreciation. Services provided for cash were $10,500. $2,400 of supplies was purchased on account. Services provided on account were $14,250. On November 1, the company paid cash of $5,400 in advance for six-months rent, beginning immediately. Cash collections of accounts receivable amounted to $5,250. $750 of the accounts payable was paid. . Supplies on hand as of December 31 amounted to $900. A $450 cash dividend was declared and paid to the owners. Net cash provided by operating activities for the period ending December 31, 2021 would be:

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

10th edition

1260481956, 1260310175, 978-1260481952

More Books

Students also viewed these Accounting questions

Question

Differentiate between Oracles back office and front office modules.

Answered: 1 week ago

Question

1. Try oral, open-book, or group tests.

Answered: 1 week ago

Question

addel bit (A:=1) aul (I=ll)

Answered: 1 week ago

Question

3. What could the TQ Manager have done differently?

Answered: 1 week ago