70.2K

Verified Solution

Link Copied!

Below are several transactions for White cloud Corporation for 2024. a. Issue common stock for cash, $45,000. b. Purchase building and land with cash, $30,000. c. Provide services to customers on account, $6,500. d. Pay utilities on building, $750. e, Collect $4,500 on account from customers. f. Pay employee salaries, $8,500. g. Pay dividends to stockholders, $3,500. Required: 1.\&2. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether White cloud 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 $3,900, calculate the balance of cash on December 31,2024 . Complete this question by entering your answers in the tabs below. For each transaction, determine the amount of cash flows. If cash is involved in the transaction, indicate whether White cloud should classify it as operating, investing, or financing in a statement of cash flows. Calculate net cash flows for the year. (Enter N/A if the question is not applicable to the statement. List cash outflows as negative amounts.) Assuming the balance of cash on January 1,2024 , equals $3,900, calculate the balance of cash on December 31,2024

Answer & Explanation Solved by verified expert

See Answer