Statement of Cash Flows

Colorado Corporation was organized at the beginning of the year, with the investment of $255,900 in cash by its stockholders. The company immediately purchased an office building for $309,800, paying $211,200 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $61,000 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $94,570 from its customers. It paid $66,200 for inventory, $21,100 in salaries and wages, and another $3,400 in taxes. Colorado paid $6,400 in cash dividends.

Required:

1. Prepare a statement of cash flows for the year. If your answer is zero, enter "0". Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.

Colorado Corporation
Statement of Cash Flows
For the First Year
Cash flows from operating activities:
	$fill in the blank 97e175f6bff0fa7_2
	fill in the blank 97e175f6bff0fa7_4
	fill in the blank 97e175f6bff0fa7_6
	fill in the blank 97e175f6bff0fa7_8
Net cash provided by operating activities		$fill in the blank 97e175f6bff0fa7_9
Cash flows from investing activities:
		fill in the blank 97e175f6bff0fa7_11
Cash flows from financing activities:
	$fill in the blank 97e175f6bff0fa7_13
	fill in the blank 97e175f6bff0fa7_15
	fill in the blank 97e175f6bff0fa7_17
Net cash provided by financing activities		fill in the blank 97e175f6bff0fa7_18
		$fill in the blank 97e175f6bff0fa7_20
Cash at beginning of year		fill in the blank 97e175f6bff0fa7_21
Cash at end of year		$fill in the blank 97e175f6bff0fa7_22

2. Which of the following statement is not correct?