ExtraCredit16-3B

ExtraCredit16-3B - Cash borrowed on short term note 5000...

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Problem 16 - 3B Gazelle Corporation Statement of Cash Flows For Year Ended Dec. 31, 2008 Cash flows from operating activities Cash received from customers 1,188,650 Cash paid for merchandise -669,150 Cash paid for other expenses -360,950 Cash paid for income taxes -28,350 Net cash - operating activities 130,200 Cash flows from investing activities Cash received from sale of equipment 26,050 Cash paid for equipment -43,250 Net cash - investing activities -17,200 Cash flows from financing activities
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Unformatted text preview: Cash borrowed on short term note 5000 Cash paid on long-term note-47,500 Cash received from issuing stock (3000 x 15) 45,000 Cash paid for dividends -53,600 Net cash - financing activities-51100 Net increase in cash 61,900 Cash balance at December 31, 2007 61,550 Cash balance at December 31, 2008 123,450 Noncash investing and financing activities: Equipment purchased for $113,250 by signing a $70,000 long-term note payable and paying $43,250 in cash....
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