Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The accounting staff of Harris Company has assembled the following information for the year ended December 31, 2011: Cash sales $ 810,000 Credit sales 2,500,000
The accounting staff of Harris Company has assembled the following information for the year ended December 31, 2011: Cash sales $ 810,000 Credit sales 2,500,000 Collections on accounts receivable 2,205,000 Cash transferred from the money market fund to the general bank account 250,000 Interest and dividends received 100,000 Purchases (all on account) 1,800,000 Payments on accounts payable to merchandise suppliers 1,470,000 Cash payments for operating expenses 1,065,000 Interest paid 180,000 Income taxes paid 95,000 Loans made to borrowers 500,000 Collections on loans (excluding receipts of interest) 260,000 Cash paid to acquire plant assets 3,100,000 Book value of plant assets sold 650,300 Loss on sales of plant assets 80,400 Proceeds from issuing bonds payable 2,500,000 Dividends paid 120,000 Cash and cash equivalents, Jan. 1 489,000 Cash received from customers ________________ Interest and dividentds received $100,000 Cash provided by operating activities ____________ Cash paid to suppliers and employees ___________ Income taxes paid -95,000 Interest paid -180,000 Cash disbursed for operating activites _____________ Net cash flow from operating activites 305000 SHOW YOUR WORK PLEASE
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
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