Make statement of cash flows for year for colorado corp

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Colorado Corporation was organized at the beginning of the year, with the investment of $257,000 in cash by its stockholders. The company immediately purchased an office building for $309,700, paying $216,100 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,700 promissory note at a local bank during the year and received cash in the same amount. During its first year, Colorado collected $93,970 from its customers. It paid $65,800 for inventory, $20,500 in salaries and wages, and another $3,200 in taxes. Colorado paid $5,700 in cash dividends.

Required:

Problem 1. Prepare a statement of cash flows for the year. If your answer is zero, enter "0". Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.

Reference no: EM132995745

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