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The following transactions occurred during March 2024 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common

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The following transactions occurred during March 2024 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 1. Issued 44,000 shares of common stock in exchange for $440,000 in cash. 2. Purchased equipment at a cost of $68,000.$24,000 cash was paid and a note payable to the seller was signed for the balance owed. 3. Purchased inventory on account at a cost of $118,000. The company uses the perpetual inventory system. 4. Credit sales for the month totaled $134,000. The cost of the goods sold was $84,000. 5. Paid $6,400 in rent on the warehouse building for the month of March. 6. Paid $7,400 to an insurance company for fire and liability insurance for a one-year period beginning April 1,2024. 7. Paid $84,000 on account for the merchandise purchased in 3 . 8. Collected $69,000 from customers on account. 9. Recorded depreciation expense of $2,400 for the month on the equipment. Required: 1. Analyze each transaction by indicating the cash effect and classify each as a financing, investing, and/or operating activity (a transaction can represent more than one type of activity). 2. Prepare a statement of cash flows, using the direct method to present cash flows from operating activities. Assume the cash balance at the beginning of the month was $54,000. Complete this question by entering your answers in the tabs below. Analyze each transaction by indicating the cash effect and dassify each as a financing, investing, and/or operating activity (a transaction can represent more than one type of activity). Note: Amounts to be deducted should be indicated with a minus sign. If there is no cash effect, leave cell blank: Analyze each transaction by indicating the cash effect and classify each as a financing, investing, and/or opera transaction can represent more than one type of activity). Note: Amounts to be deducted should be indicated with a minus sign. If there is no cash effect, leave cell blan Prepare a statement of cash flows, using the direct method to present cash flows from operat: balance at the beginning of the month was $54,000

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