Annual financial statements for the stockholders

Reference no: EM13257347

NITSU Manufacturing Corporation is preparing the annual financial statements for the stockholders. A statement of cash flows must be prepared. The following data on cash flows were developed for the entire year ended December 31, 2009: cash collections from sales, $270,000; cash expended for operating expenses, $180,000; sale of unissued NITSU stock for cash, $30,000; cash dividends declared and paid to stockholders during the year, $22,000; and payments on long-term notes payable, $80,000. During the year, a tract of land held as an investment was sold for $15,000 cash (which was the same price that NITSU had paid for the land in 2008), and $38,000 cash was expended for two new machines. The machines were used in the factory. The beginning-of-the-year cash balance was $63,000.

Reference no: EM13257347

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