Reference no: EM132844888
Question - Coaster Corporation starts in business during 2020. It had the following transactions during 2020:
Oct. 1 - Sold stock to stockholders for $40,000.
Oct. 1 - Borrowed $20,000 from the bank. Coaster will not make any payments on this loan until Oct. 1, 2022, and at that time, it will owe $23,000.
Oct. 1 - Paid one year's rent of $12,000.
Oct. 1 - Bought equipment for $18,000 cash . The equipment is expected to last 6 years and then be worthless.
Oct. 1 - Bought inventory for $12,000 on account.
Nov. 1 - Bought land for $21,000 cash.
Nov. 14 - Sold $2,000 of inventory for $9,500 cash.
Nov. 18 - Paid one-half of the accounts payable.
Dec. 10 - Sold $3,500 of inventory for $18,000 on account.
Dec. 15 - Paid wages to employees of $8,000.
Dec. 20 - Sold one-half of land for $12,000 in cash.
Dec. 26 - Received utility bill for $1,200 for 2020. This will be paid in Jan. 2021.
Dec. 31 - Paid a dividend of $2,000.
Required - How much were Coaster's operating cash flows during 2020?
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