- Below Are Several Transactions For Meyers Corporation For 2021 A Issue Common Stock For Cash 59 000 B Purchase Bui 1 (62.96 KiB) Viewed 9 times
- Below Are Several Transactions For Meyers Corporation For 2021 A Issue Common Stock For Cash 59 000 B Purchase Bui 2 (38.53 KiB) Viewed 9 times
Below are several transactions for Meyers Corporation for 2021. a. Issue common stock for cash, $59,000. b. Purchase building and land with cash, $44,000. c. Provide services to customers on account, $7,900. d. Pay utilities on building, $1,450. e. Collect $5,900 on account from customers. f. Pay employee salaries, $9,900. g. Pay dividends to stockholders, $4,900. Required: 1. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whe should classify it as operating, investing, or financing in a
statement of cash flows. (Enter N/A if the
question applicable to the
statement. List cash outflows as negative amounts.) Transaction Issue common stock for cash. Purchase building and land with cash. Provide services to customers on account. Pay utilities on building. Collect cash from customer on account. Pay employee salaries. Pay dividends to stockholders Cash Flows $ 59,000 $ (44,000) $ 0 $ (1,450) $ 59,000 (9,000) (4,900) $ $ Operating, Investing or Financing Financing Investing N/A Operating Operating Operating Financing
2. Calculate net cash flows for the year. (List cash outflows as negative amounts.) Issue Common Stock for Cash Purchase Building and Land with Cash Pay Employee Salaries Pay Utilities on Building Collect Cash from Customers on Account Pay Employee Salaries Pay Dividends to Stockholders (9,900) (4,900) Net cash flows for the year 57,750 Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Cash balance 59,000 (44,000) $ 63,050 0 (1,450) 59,000 3. Assuming the balance of cash on January 1, 2021, equals $5,300, calculate the balance of cash on Decem