mgt430 mgt 430 financial accounting and
MGT 430 FINANCIAL ACCOUNTING AND REPORTING
ASSIGNMENT 3
Question:
The accounting staff of corporation XYZ has assembled the following information for the year ended December 2013:
Cash and cash equivalents, beginning of the year …………………………………. $ 45,200
Cash and cash equivalents, end of the year ………………………………………… 64,200
Cash paid to acquire plant assets …………………………………………………… 21,000
Proceeds from short term borrowings …………………………………………….. 10,000
Loans made to borrowers ………………………………………………………….. 5000
Collections on loans (excluding interests) …………………………………………… 4000
Interest and dividends received …………………………………………………… 17,000
Cash received from customers………………………………………………… 795,000
Proceeds from sale of plant assets ……………………………………………………… 9000
Dividends paid ……………………………………………………………………. 65,000
Cash paid to suppliers ………………………………………………………………… 635,000
Interest paid ……………………………………………………………………….. 19,000
Income taxes paid ……………………………………………………………………… 71,000
Instructions:
Using this information, prepare a formal statement of cash flows. Include a proper heading for the financial statement and classify the given information in to the categories of operating activities, investing activities and financing activities. Net cash flows from operating activities are determined by the direct method. Place brackets around the dollar amounts of all cash disbursements.
GOOD LUCK
ASSIGNMENT 3
Question:
The accounting staff of corporation XYZ has assembled the following information for the year ended December 2013:
Cash and cash equivalents, beginning of the year …………………………………. $ 45,200
Cash and cash equivalents, end of the year ………………………………………… 64,200
Cash paid to acquire plant assets …………………………………………………… 21,000
Proceeds from short term borrowings …………………………………………….. 10,000
Loans made to borrowers ………………………………………………………….. 5000
Collections on loans (excluding interests) …………………………………………… 4000
Interest and dividends received …………………………………………………… 17,000
Cash received from customers………………………………………………… 795,000
Proceeds from sale of plant assets ……………………………………………………… 9000
Dividends paid ……………………………………………………………………. 65,000
Cash paid to suppliers ………………………………………………………………… 635,000
Interest paid ……………………………………………………………………….. 19,000
Income taxes paid ……………………………………………………………………… 71,000
Instructions:
Using this information, prepare a formal statement of cash flows. Include a proper heading for the financial statement and classify the given information in to the categories of operating activities, investing activities and financing activities. Net cash flows from operating activities are determined by the direct method. Place brackets around the dollar amounts of all cash disbursements.
GOOD LUCK