The accounting staff of Corny, Inc., has assembled the following information for the year ended December 31, 2011: Using this information, prepare a statement of cash flows. Include a proper heading for the financial statement, and classify the given information into the categories of operating activities, investing activities, and financing activities. Determine net cash flows from operating activities by the direct method. Place brackets around the dollar amounts of all cash disbursements. Cash and cash equivalents, Jan. 1. .$ 35,800Cash and cash equivalents, Dec. 3174,800Cash paid to acquire plant assets .Proceeds from short-term borrowing21,00010,000Loans made to borrowers5,000Collections on loans (excluding interest).4,000Interest and dividends received .27,000Cash received from customers795,000Proceeds from sales of plant assets9,000Dividends paid55,000Cash paid to suppliers and employees635,000Interest paid .19,000Income taxes paid71,000

Cash and cash equivalents, Jan. 1. . $ 35,800 Cash and cash equivalents, Dec. 31 74,800 Cash paid to acquire plant assets . Proceeds from short-term borrowing 21,000 10,000 Loans made to borrowers 5,000 Collections on loans (excluding interest). 4,000 Interest and dividends received . 27,000 Cash received from customers 795,000 Proceeds from sales of plant assets 9,000 Dividends paid 55,000 Cash paid to suppliers and employees 635,000 Interest paid . 19,000 Income taxes paid 71,000

Cash and cash equivalents, Jan. 1. . $ 35,800 Cash and cash equivalents, Dec. 31 74,800 Cash paid to acquire plant assets . Proceeds from short-term borrowing 21,000 10,000 Loans made to borrowers 5,000 Collections on loans (excluding interest). 4,000 Interest and dividends received . 27,000 Cash received from customers 795,000 Proceeds from sales of plant assets 9,000 Dividends paid 55,000 Cash paid to suppliers and employees 635,000 Interest paid . 19,000 Income taxes paid 71,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 5MC

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