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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
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 | $ 404,000 | |||||
Receipts from customers | 17,776,000 | Payments for inventory | $ 4,710,640 | |||
Receipts from dividends | 6,221,600 | Payments for wages | 1,635,392 | |||
Receipts from land sale | 6,577,120 | Payments for rent | 942,128 | |||
Receipts from machinery sale | 2,097,568 | Payments for interest | 639,936 | |||
Receipts from issuing stock | 4,568,432 | Payments for taxes | 1,333,200 | |||
Receipts from borrowing | 7,697,008 | Payments for machinery | 6,630,448 | |||
Payments for stock investments | 6,701,552 | |||||
Payments for long-term notes payable | 1,137,664 | |||||
Payments for dividends | 1,475,408 | |||||
Payments for treasury stock | 639,936 | |||||
Balance, December 31, current year | $ ? |
Exercise 16-22B (Algo) Part 1
(1) Prepare a complete statement of cash flows for the current year using the direct method.
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