Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Statement of cash flows A summary of cash nows for A - One Travel Service for the year ended August 3 1 , 2 0

image text in transcribed
Statement of cash flows
A summary of cash nows for A-One Travel Service for the year ended August 31,20 Y 6, follows:
Cash receipts:
Cash received from customers
$1,125,000
Cash received from issuing common stock
15,000
Cash payments:
Cash paid for operating expenses
815,000
Cash paid for land
150,000
Cash paid as dividends
50,000
The cash balance as of September 1,20 Y , was $59,500.
Prepare a statement of cash flows for A-One Travel Service for the year ended August 31,20 Y . Use the minus sign to indicate
cash outflows, cash payments and decreases in cash.
A-One Travel Service
Statement of Cash Flows
For the Year Ended August 31,20 Y6
Line Item Description
Amount
Amount
Cash flows from (used for) operating activities:
Cash received from customers
Cash paid for operating expenses
Net cash flows from operating activities
Cash flows from (used for) investing activities:
Cash flows from (used for) financing activities:
Cash received from issuing common stock
Cash paid for dividends
Net cash flows used for financing activities
Cash balance, September 1,20 Y 5
Cash balance, August 31,20 Y6
$1,125,000=-815,000
$
$
3
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

27th edition

978-1337272094, 1337272094, 978-1337514071, 1337514071, 978-1337899451

More Books

Students also viewed these Accounting questions