Statement of cash flowswisconsin corporation was organized, Ask an Expert

Accounting

Statement of Cash Flows

Wisconsin Corporation was organized at the beginning of the year with the investment of $400,000 in cash by its stockholders. The company immediately purchased a manufacturing facil- ity for $300,000, paying $150,000 in cash and signing a five-year promissory note for the bal- ance. Wisconsin signed another five-year note at the bank for $50,000 during the year and received cash in the same amount. During its first year, Wisconsin collected $310,000 from its customers. It paid $185,000 for inventory, $30,100 in salaries and wages, and another $40,000 in taxes. Wisconsin paid $4,000 in cash dividends.

Required

1. Prepare a statement of cash flows for the year.

2. What does this statement tell you that an income statement does not?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91624163

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