Statement of cash flows-colorado corporation

Assignment Help Accounting Basics

Reference no: EM13954303

Colorado Corporation was organized at the beginning of the year, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying $210,000 in cash and signing a three-year promissory note for the balance. Colorado signed a five-year, $60,000 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 $65,600 for inventory, $20,400 in salaries and wages, and another $3,100 in taxes. Colorado paid $5,600 in cash dividends.

Required

1. Prepare a statement of cash flows for the year.

2. What does this statement tell you that an income statement does not?

Reference no: EM13954303

Questions Cloud

Employees engaged in interstate commerce-appropriate remedy : The employer is a small, nonunion furniture manufacturer with 15 employees engaged in interstate commerce. Both of the employees involved in this case worked in the machine shop building as band-saw operators. Was the employer’s s discharge of Drake ..

Can use fork and join to present many selection of actions : Can use fork and join to present many selection of actions?

The company manufactures and sells classic cycles similar : The company manufactures and sells classic cycles similar in style to Harley-Davidson and Indian motorcycles made in the late 1940s. The following financial information for the company.

Statement of cash flows-colorado corporation : Colorado Corporation was organized at the beginning of the year, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying $210,000 in cash and signing a three-year promi..

What is the average time a customer spends in the queue : If the average number of arrivals is two per minute and the average service rate of three customers per minute, what is the average time a customer spends in the queue?

Explain how you could find the entropy of diatomic ideal gas : Explain how you could find the entropy of a diatomic ideal gas. You do not actually need to do the calculation, just explain, starting from first principles, how you could do it.

How uk and germany compare on migration : Write a comparison of two styles of news paper articles that are included with the assignment brief - Refugees welcome? How UK and Germany compare on migration and The human tide moving this way: Fury and fighting as rail station is closed to migran..

Excellent appearance and apparently good health : Holly, age 28, has been consuming a strict vegetarian (vegan) diet -- no animal products of any kind -- for the past few years. A few of her friends, who consume dairy products, eggs and meat, are surprised at her excellent appearance and apparent..

User Account

All Pages