60.1K

Verified Solution

Link Copied!

Using the following information, prepare the Statement of Cash Flows for Corbett Enterprises for the year ended December 31, 2017 in the Answer sheet in this Excel spreadsheet. Place parentheses around those figures in the statement representing cash outlays. Then answer the 4 multiple choice questions in the Answer sheet in this Excel spreadsheet. Notice that the ? is beside Cash received from customers. You will need to prepare the Statement of Cash Flows with the other amounts and solve for Cash received from customers.
Cash paid to acquire marketable securities					$370,000
Proceeds from sale of marketable securities					17,500
Proceeds from issuance of capital stock					280,000
Proceeds from issuance of bonds payable					55,000
Payments to settle short-term debt					32,500
Interest and dividends received					10,000
Cash received from customers					?
Dividends paid					130,000
Cash paid to suppliers and employees					1,030,000
Interest paid					25,000
Income taxes paid					70,000
Cash and cash equivalents, January 1, 2010					43,000
Cash and cash equivalents, December 31, 2010					58,000
		Cash flows from operating activities:
		Cash provided by operating activities						$0
		Cash paid to suppliers and employees
		Cash disbursed for operating activities						-
		Net cash flows ________ by operating activities:						$0
		Cash flows from investing activities:
		Net cash _______ by investing activities						0
		Cash flows from financing activities:
		Net cash ________ by financing activities						0
		Net increase (decrease) in cash						$0
		Cash and cash equivalents, beginning of year
		Cash and cash equivalents, end of year						$0
Using the above information, indicate the best answer for each question in the space provided to the left of the question.
	1	Corbett Enterprises' cash flow from investing activities during 2010 is:
		a. $390,000 net cash used by investing activities.
		b. $322,500 net cash provided by investing activities.
		c. $352,500 net cash used by investing activities.
		d. $360,000 net cash used by investing activities.
	2	Corbett Enterprises' cash flow from financing activities during 2010 is:
		a. $322,500 net cash provided by financing activities.
		b. $172,500 net cash provided by financing activities.
		c. $127,500 net cash provided by financing activities.
		d. $375,000 net cash provided by financing activities.
	3	Corbett Enterprises' cash flow from operating activities during 2010 is:
		a. $45,000 net cash provided by operating activities.
		b. $1,155,000 net cash used by operating activities.
		c. $240,000 net cash provided by operating activities.
		d. $195,000 net cash provided by operating activities.
	4	In the 2010 statement of cash flows for Corbett Enterprises, the amount of cash received from customers is:
		a. $1,310,000
		b. $1,103,000
		c. $1,233,000
		d. $1,293,000

Answer & Explanation Solved by verified expert

See Answer