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TI14A-4 (similar to) Question Help 8A. King Island, Inc. began 2018 with cash of $20,000. During the year, King Island earmed revenue of $210,000 and

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TI14A-4 (similar to) Question Help 8A. King Island, Inc. began 2018 with cash of $20,000. During the year, King Island earmed revenue of $210,000 and collected $80,000 from customers. Expenses for the year totaled $174,000, of which King Island paid $64,000 in cash to suppliers and $90,000 in cash to employees. The company received $2,500 cash for interest revenue and paid $11,000 for income taxes. King Island also paid $36,000 to purchase equipment and a cash dividend of $10,000 to its stockholders during 2018. Prepare the company's operating activities section of the statement of cash flows for the year ended December 31, 2018. Use the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) King Island, Inc. Statement of Cash Flows (Partial) Year Ended December 31, 2018 Cash Flows from Operating Activities: Receipts: Increase in Accounts Receivable 210000 Collections from Customers 80000 2500 Interest Received 292500 Total Cash Receipts Choose from any list or enter any number in the input fields and then click Check Answer. BA. King Island, Inc. began 2018 with cash of $20,000. During the year, King Island earned revenue of $210,000 and collected $80,000 from customers. Expenses for the year totaled $174,000, of which King Island paid $64,000 in cash to suppliers and $90,000 in cash to employees. The company received $2,500 cash for interest revenue and paid $11,000 for income taxes. King Island also paid $36,000 to purchase equipment and a cash dividend of $10,000 to its stockholders during 2018. Prepare the company's operating activities section of the statement of cash flows for the year ended December 31, 2018. Use the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty: do not select a label or enter a zero.) Payments: 64000 To Suppliers To Employees 90000 11000 For Income Tax 36000 Cash Payment for Acquisition of Purchase Equipment 10000 Cash Payment of Dividends 211000 Total Cash Payments 82500 Net Cash Provided by (Used for) Operating Activities Choose from any list or enter any number in the input fields and then click Check

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