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Instruction Wisconsin Corporation was organized at the beginning of the year with the investment of $600,000 in cash by its stockholders. The company immediately purchased
Instruction Wisconsin Corporation was organized at the beginning of the year with the investment of $600,000 in cash by its stockholders. The company immediately purchased a manufacturing facility for $450,000, paying $225,000 in cash and signing a five-year promissory note for the balance. Wisconsin signed another five-year note at the bank for $25,000 during the year and received cash in the same amount. During its first year, Wisconsin collected $305,000 from its customers. It paid $183,000 for inventory, $31,100 in salaries and wages, and another $35,000 in taxes. Wisconsin paid $4,000 in cash dividends. Required 1. Prepare a statement of cash flows for the year. 2. What does this statement tell you that an income statement does not
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