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hey if someone can help please C The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale
hey if someone can help please
C The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 39,000 shares of common stock in exchange for $390,000 in cash 2. Purchased equipment at a cost of $58,000.919,000 cash was paid and a note payable to tho seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $108,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $129,000. The cost of the goods sold was $70,000. 5. Pald $5,900 in rent on the warehouse building for the month of March 6. Paid $6,900 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021. 7. Paid $79,000 on account for the merchandise purchased in 3. B. Collected $64,000 from customers on account. 9. Recorded depreciation expense of $1,900 for the month on the equipment. Required: 1. Analyze each transaction by indicating the cash effect and classify each as a financing. Investing, and/or operating activity (a transaction can represent more than one type of activity). 2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities. Assume the cash balance at the beginning of the month was $49,000. Complete this question by entering your answers in the tabs below Step by Step Solution
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