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Exercise 12-22B (Algo) Direct: Preparing statement of cash flows from Cash T-account LO P1, P3, P5

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[The following information applies to the questions displayed below.] The following Cash T-account shows the total debits and total credits to the Cash account of Thomas Corporation for the current year.

Cash
Debit		Credit
Balance, December 31, prior year	$ 267,000
Receipts from customers	11,748,000	Payments for inventory	$ 3,113,220
Receipts from dividends	4,111,800	Payments for wages	1,080,816
Receipts from land sale	4,346,760	Payments for rent	622,644
Receipts from machinery sale	1,386,264	Payments for interest	422,928
Receipts from issuing stock	3,019,236	Payments for taxes	881,100
Receipts from borrowing	5,086,884	Payments for machinery	4,382,004
		Payments for stock investments	4,428,996
		Payments for long-term notes payable	751,872
		Payments for dividends	975,084
		Payments for treasury stock	422,928
Balance, December 31, current year	$ ?

Exercise 12-22B (Algo) Part 1

(1) Prepare a complete statement of cash flows for the current year using the direct method. (Amounts to be deducted should be indicated with a minus sign.)