Below are several transactions for Meyers Corporation for 2021. Issue common stock for cash, $49,000. Purchase building and...

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Accounting

Below are several transactions for Meyers Corporation for2021.
Issue common stock for cash, $49,000.
Purchase building and land with cash, $34,000.
Provide services to customers on account, $6,900.
Pay utilities on building, $950.
Collect $4,900 on account from customers.
Pay employee salaries, $8,900.
Pay dividends to stockholders, $3,900.

Required:
For each transaction, determine the amount of cash flows. Ifcash is involved in the transaction, indicate whether Meyers shouldclassify it as operating, investing, or financing in a statement ofcash flows. (Enter N/A if the question is not applicable tothe statement. List cash outflows as negativeamounts.)
Calculate net cash flows for the year. (List cashoutflows as negative amounts.)
Assuming the balance of cash on January 1, 2021, equals $4,300,calculate the balance of cash on December 31, 2021.

Answer & Explanation Solved by verified expert

3.7 Ratings (565 Votes)

1 Amount of cash flow and cash flow classification is as shown below Cash Amount of cash flow Statement of cash Flow a Issue common stock for cash 49000 49000 Cash increase by 49000 Financing activity b Purchase building and land See Answer

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