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Below are several transactions for Meyers Corporation for 2024. Issue...

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Accounting

Below are several transactions for Meyers Corporation for 2024.
Issue common stock for cash, $60,000.
Purchase building and land with cash, $45,000.
Provide services to customers on account, $8,000.
Pay utilities on building, $1,500.
Collect $6,000 on account from customers.
Pay employee salaries, $10,000.
Pay dividends to stockholders, $5,000.
Required:
1.&2. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether Meyers should classify it as operating, investing, or financing in a statement of cash flows. Calculate net cash flows for the year.
3. Assuming the balance of cash on January 1,2024, equals $5,400, calculate the balance of cash on December 31,2024.

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