please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) All-Star Automotive Company experienced the following accounting events during Year 2:Performed services for $25,000 cash.Purchased land for $6,000 cash.Hired an accountant to keep the books.Received $50,000 cash from the issue of common stock.Borrowed $5,000 cash from State Bank.Paid $14,000 cash for salaries expense.Sold land for $9,000 cash.Paid $2,000 cash on the loan from State Bank.Paid $2,800 cash for utilities expense.Paid a cash dividend of $5,000 to the stockholders. ALL-STAR AUTOMOTIVE COMPANYStatement of Cash FlowsFor the Year Ended December 31, Year 2Cash flows from operating activities:Cash receipts from revenueCash payment for salaries expenseCash payments for utilities expenseNet cash flow from operating activitiesCash flows from investing activities:Cash from the sale of landCash paid to purchase landNet cash flow from investing activitiesCash flows from financing activities:Cash receipts from stock issueCash receipts from loanCash payment on loanCash payments for dividendsNet cash flow from financing activitiesNet increase in cashPlus: Beginning cash balanceEnding cash balance$$$25,000(14,000)(2,800)9,000(6,000)50,0005,000(2,000)(5,000)$ 8,200$ 3,000$48,0009,0009,000

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) All-Star Automotive Company experienced t

CASH FLOW STATEMENTCash flow statement is additional information to user of financial statement.…

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 19E

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All-Star Automotive Company experienced the following accounting events during Year 2:

Performed services for $25,000 cash.
Purchased land for $6,000 cash.
Hired an accountant to keep the books.
Received $50,000 cash from the issue of common stock.
Borrowed $5,000 cash from State Bank.
Paid $14,000 cash for salaries expense.
Sold land for $9,000 cash.
Paid $2,000 cash on the loan from State Bank.
Paid $2,800 cash for utilities expense.
Paid a cash dividend of $5,000 to the stockholders.

ALL-STAR AUTOMOTIVE COMPANY
Statement of Cash Flows
For the Year Ended December 31, Year 2
Cash flows from operating activities:
Cash receipts from revenue
Cash payment for salaries expense
Cash payments for utilities expense
Net cash flow from operating activities
Cash flows from investing activities:
Cash from the sale of land
Cash paid to purchase land
Net cash flow from investing activities
Cash flows from financing activities:
Cash receipts from stock issue
Cash receipts from loan
Cash payment on loan
Cash payments for dividends
Net cash flow from financing activities
Net increase in cash
Plus: Beginning cash balance
Ending cash balance
$
$
$
25,000
(14,000)
(2,800)
9,000
(6,000)
50,000
5,000
(2,000)
(5,000)
$ 8,200
$ 3,000
$
48,000
9,000
9,000

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