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Question - Colorado Corporation was organized on January 1, 2006, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying $210,000 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,000 promissory note at a local bank during 2008 and received cash in the same amount. During its first year, Colorado collected $93,970 from its customers. It paid $65,600 for inventory, $20,400 in salaries and wages, and another $3,100 in taxes. Colorado paid $5,600 in cash dividends.

Make a statement of cash flows for the year, but need help finding the cash paid for inventory, cash paid in salaries & wages, and cash paid in taxes. Also need help with payment on office building, proceeds from long term note, dividends declared and paid, net increase in cash, and cash beginning and end of year.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M93122486
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