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HERE IS THE GIVEN INFORMATION: All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $15,700 cash. 2. Purchased land
HERE IS THE GIVEN INFORMATION: All-Star Automotive Company experienced the following accounting events during Year 2: 1. Performed services for $15,700 cash. 2. Purchased land for $8,700 cash. 3. Hired an accountant to keep the books. 4. Received $47,000 cash from the issue of common stock. 5. Borrowed $11,400 cash from State Bank. 6. Paid $5,700 cash for salaries expense. 7. Sold land for $11,400 cash. 8. Paid $4,700 cash on the loan from State Bank. 9. Paid $5,900 cash for utilities expense. 10. Paid a cash dividend of $2,700 to the stockholders. Required a. Indicate how each of the events would be classified on the statement of cash flows by selecting operating activities, investing activities, or financing activities. b. Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of \$10,700. (The company has additional accounts, but they are not needed for this question.) HERE IS PART A THAT I HAVE ALREADY FILLED OUT... Indicate how each of the events would be classified on the statement of cash flows by selecting operating activities, investing activities, or financing activities. HERE IS PART B I NEED HELP WITH FILLING IN ALL THE BLUE AREAS THE LEFT HAND SECTION I HAVE TO CHOOSE FROM THE FOLLOWING LIST OF ANSWERS THEN THE TWO RIGHT HAND COLUMNS SHOULD BE FILLED WITH NUMBE'n Prepare a statement of cash flows. Assume All-Star Automotive had a beginning cash balance of $10,700. (The company has additional accounts, but they are not needed for this question.) (Cash outflows should be indicated with a minus sign.) LEFT COLUMN OPTIONS: -Cash from the sale of the land -Cash paid to purchase land -Cash payment for salaries expense -Cash payment on loan -Cash payment for dividends -Cash Payment for Utilities expense -Cash receipts from loan Cash receipts from revenue Cash receipts from stock issue
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