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Required Information [The following Information applies to the questions displayed below.] The following Cash T-account shows the total debits and total credits to the
Required Information [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 $ 454,100 Receipts from customers 19,980,400 | Payments for inventory $ 5,294,806 Receipts from dividends 6,993,140 Payments for wages Receipts from land sale Receipts from machinery sale Receipts from issuing stock Receipts from borrowing 7,392,748 Payments for rent 2,357,687 Payments for interest 5,134,963 Payments for taxes 8,651,513 Payments for machinery 1,838,197 1,058,961 Balance, December 31, current year 719,294 1,498,530 7,452,689 Payments for stock investments 7,532,611 Payments for long-term notes payable Payments for dividends Payments for treasury stock 1,278,746 1,658,373 719,294 $ ? (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. THOMAS CORPORATION Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities $ 0 Cash flows from investing activities
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