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Required information Skip to question [The following information applies to the questions displayed below.] The following Cash T-account shows the total debits and total credits
Required information
Skip to question
[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 | $ 262,100 | |||||
Receipts from customers | 11,532,400 | Payments for inventory | $ 3,056,086 | |||
Receipts from dividends | 4,036,340 | Payments for wages | 1,060,981 | |||
Receipts from land sale | 4,266,988 | Payments for rent | 611,217 | |||
Receipts from machinery sale | 1,360,823 | Payments for interest | 415,166 | |||
Receipts from issuing stock | 2,963,827 | Payments for taxes | 864,930 | |||
Receipts from borrowing | 4,993,529 | Payments for machinery | 4,301,585 | |||
Payments for stock investments | 4,347,715 | |||||
Payments for long-term notes payable | 738,074 | |||||
Payments for dividends | 957,189 | |||||
Payments for treasury stock | 415,166 | |||||
Balance, December 31, current year | $ ?question mark |
(1) Prepare a complete statement of cash flows for the current year using the direct method.
Note: Amounts to be deducted should be indicated with a minus sign.
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