Ch13 Homework graded

Ch13 Homework graded - Question 1: Score 2/2 Your response...

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Unformatted text preview: Question 1: Score 2/2 Your response Correct response Exercise 13.7: Format of a Statement of Cash Flows L.O. 2 The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2007: Cash and cash equivalents, Jan. 1 $35,800 Cash and cash equivalents, Dec. 31 74,800 Cash paid to acquire plant assets 21,000 Proceeds from short-term borrowing 10,000 Loans made to borrowers 5,000 Collections on loans (excluding interest) 4,000 Interest and dividends received 27,000 Cash received from customers 795,000 Proceeds from sales of plant assets 9,000 Dividends paid 55,000 Cash paid to suppliers and employees 635,000 Interest paid 19,000 Income taxes paid 71,000 Using this information, prepare a statement of cash flows. Ex. 13.7 WYOMING OUTFITTERS, INC. Statement of Cash Flows For the Year Ended December 31, 2007 Cash flows from operating activities: Cash received from customers $ 795,000 (7%) Interest and dividends received 27,000 (7%) Cash provided by operating activities $ 822,000 (7%) Cash paid to suppliers and employees ( 635,000 (7%)) Interest paid (19,000) Income taxes paid ( 71,000 (7%)) Cash disbursed for operating activities ( 725,000 (7%)) Net cash flow from operating activities $ 97,000 (7%) Cash flows from investing activities: Loans made to borrowers $( 5,000 (7%)) Collections on loans 4,000 Cash paid to acquire plant assets ( 21,000 (7%)) Proceeds from sales of plant assets 9,000 Net cash used by investing activities ( 13,000 (7%)) Cash flows from financing activities: Proceeds from short-term borrowing $10,000 Dividends paid ( 55,000 (7%)) Net cash used by financing activities ( 45,000 (7%)) Net increase in cash and cash equivalents $ 39,000 (7%) Cash and cash equivalents, beginning of year 35,800 Exercise 13.7: Format of a Statement of Cash Flows L.O. 2 The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2007: Cash and cash equivalents, Jan. 1 $35,800 Cash and cash equivalents, Dec. 31 74,800 Cash paid to acquire plant assets 21,000 Proceeds from short-term borrowing 10,000 Loans made to borrowers 5,000 Collections on loans (excluding interest) 4,000 Interest and dividends received 27,000 Cash received from customers 795,000 Proceeds from sales of plant assets 9,000 Dividends paid 55,000 Cash paid to suppliers and employees 635,000 Interest paid 19,000 Income taxes paid 71,000 Using this information, prepare a statement of cash flows. Ex. 13.7 WYOMING OUTFITTERS, INC. Statement of Cash Flows For the Year Ended December 31, 2007 Cash flows from operating activities: Cash received from customers $ 795,000 Interest and dividends received 27,000 Cash provided by operating activities $ 822,000 Cash paid to suppliers and employees ( 635,000 ) Interest paid (19,000) Income taxes paid ( 71,000 ) Cash disbursed for operating activities ( 725,000 ) Net cash flow from operating activities $ 97,000 Cash flows from investing activities:...
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Ch13 Homework graded - Question 1: Score 2/2 Your response...

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