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 $ 244,200 Receipts from customers Receipts from dividends 10,744,800 Payments for inventory 3,760,680 Payments for wages $ 2,847,372 988,522 Receipts from land sale 3,975,576 Payments for rent 569,474 Receipts from machinery sale Receipts from issuing stock Receipts from borrowing 1,267,886 Payments for interest 2,761,414 Payments for taxes 4,652,498 Payments for machinery 386,813 805,860 4,007,810 Payments for stock investments Payments for long-term notes payable Payments for dividends Payments for treasury stock 4,050,790 687,667 891,818 386,813 Balance, December 31, current year $ ? (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.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started