Question
he accounting staff of Harris Company has assembled the following information for the year ended December 31, 2011: Cash sales $ 810,000 Credit sales 2,500,000
he accounting staff of Harris Company has assembled the following information for the year ended December 31, 2011: |
Cash sales | $ | 810,000 |
Credit sales | 2,500,000 | |
Collections on accounts receivable | 2,205,000 | |
Cash transferred from the money market fund to the general bank account | 250,000 | |
Interest and dividends received | 100,000 | |
Purchases (all on account) | 1,800,000 | |
Payments on accounts payable to merchandise suppliers | 1,470,000 | |
Cash payments for operating expenses | 1,065,000 | |
Interest paid | 180,000 | |
Income taxes paid | 95,000 | |
Loans made to borrowers | 500,000 | |
Collections on loans (excluding receipts of interest) | 260,000 | |
Cash paid to acquire plant assets | 3,100,000 | |
Book value of plant assets sold | 650,300 | |
Loss on sales of plant assets | 80,400 | |
Proceeds from issuing bonds payable | 2,500,000 | |
Dividends paid | 120,000 | |
Cash and cash equivalents, Jan. 1 | 489,000 | |
Cash flows from operating activities:
Cash received from customers ________________
Interest and dividends received ________________
Cash provided by operating activities _______________
Cash paid to suppliers and employees ______________
Income taxes paid ________________
Interest paid ________________
Cash disbursed for operating activities ______________
Net cash flow from operating activites ______________
Cash flows from investing activities:
Proceeds from sales of plant assets _______________
Loans made to borrowers _______________
Collections on loans ________________
Cash paid to acquire plant assets ________________
Net cash used in investing activities: ________________
Cash flows from financing activites:
Dividends paid _________________
Proceeds from issuing bonds payable ________________
Net cash provided by financing activites _______________
Net decrease in cash and cash equivalents ____________
Cash and cash equivalents, beginning of year __________
Cash and cash equivalents, end of year _______________
Compute the amount of collections from customers
Cash reveived from customers _________________
Compute the amount of cash paid to suppliers and employees
Cash paid to suppliers and employees _______________
Compute the amount of proceeds from sales of plant assets
Proceeds from sales of plant assets _________________
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