Question

A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6,...

A summary of cash flows for Paradise Travel Service for the year ended May 31, 20Y6, follows:

Cash Flows
Cash receipts:
Cash received from customers $1,486,000
Cash received from issuing common stock 37,000
Cash payments:
Cash paid for operating expenses $1,219,000
Cash paid for land 178,000
Cash paid as dividends 23,000

The cash balance as of June 1, 20Y5, was $246,000.

Labels
Cash flows from financing activities
Cash flows from investing activities
Cash flows from operating activities
Cash flows used for financing activities
Cash flows used for investing activities
Cash flows used for operating activities
For the Year Ended May 31, 20Y6
May 31, 20Y6
Amount Descriptions
Cash balance, June 1, 20Y5
Cash balance, May 31, 20Y6
Cash paid for dividends
Net cash flows from financing activities
Net cash flows from investing activities
Net cash flows from operating activities
Net cash flows used for financing activities
Net cash flows used for investing activities
Net cash flows used for operating activities
Net decrease in cash
Net increase in cash

Required

Prepare a statement of cash flows for Paradise Travel Service for the year ended May 31, 20Y6. Refer to the cash receipts and cash payments information given in the instructions and to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon (:) and the word “Deduct” will automatically appear if they are required. Enter amounts that represent cash outflows as negative numbers using a minus sign.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016,...
A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows. The cash balance as of December 1, 2015, was $87,800. Cash Flows Cash receipts: Cash received from customers $721,000 Cash received from additional investment of owner 33,000 Cash payments: Cash paid for operating expenses 749,400 Cash paid for land 53,000 Cash paid to owner for personal use 19,000 Prepare a statement of cash flows for Ousel Travel Service for the year ended November...
A summary of cash flows for Parker Consulting Group for the year ended January 31, 20Y4,...
A summary of cash flows for Parker Consulting Group for the year ended January 31, 20Y4, follows: Cash receipts: Cash received from customers $638,000 Cash received from issuing common stock 67,500 Cash payments: Cash paid for operating expenses 475,000 Cash paid for land 89,000 Cash paid for dividends 19,000 The cash balance as of February 1, 20Y3, was $56,500. Labels Cash flows from financing activities Cash flows from operating activities Cash flows from investing activities Cash flows used for financing...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow:...
The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Accounts Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000 Wages expense 807,000 Everett McCauley invested an additional $49,000 in the business in exchange for common stock, and $29,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, was $579,000. Prepare a retained earnings statement for the year ended May 31, 2018. Refer to the lists of Labels and...
The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018,...
The balances of Paradise Travel Service’s accounting equation items for the year ended May 31, 2018, are listed below. $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000. Accounts Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Accounts payable 18,000 Accounts receivable 38,000 Cash 52,000 Common stock 100,000 Land 450,000 Supplies 3,000 Prepare a balance sheet as of May 31, 2018. Refer to the lists of Accounts, Labels...
Statement of Cash Flows—Direct Method The comparative balance sheet of Canace Products Inc. for December 31,...
Statement of Cash Flows—Direct Method The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows: Dec. 31, 20Y6 Dec. 31, 20Y5 Assets Cash $237,320 $220,260 Accounts receivable (net) 85,970 79,110 Inventories 242,710 234,210 Investments 0 90,740 Land 124,480 0 Equipment 267,770 207,070 Accumulated depreciation (62,690) (55,840) Total assets $895,560 $775,550 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $162,100 $152,780 Accrued expenses payable (operating expenses) 16,120 20,160 Dividends payable 8,960 6,980 Common stock,...
Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May...
Retained Earnings Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare a retained earnings statement for the year ended May 31, 2018. Everett McCauley invested an additional $40,000 in the business in exchange for common stock, and $10,000 of dividends were paid during the year. Retained earnings as of June 1, 2017, were $300,000.
Cash Flows from Investing and Financing Activities Determine the amount of cash received and paid for...
Cash Flows from Investing and Financing Activities Determine the amount of cash received and paid for financing and investing activities and the cash flows as they would appear on Rogerson’s statement of cash flows for the year ended December 31, 20-2. Use a minus to indicate any decreases in cash or cash outflows. Rogerson Company’s comparative balance sheet as of December 31, 20-2 and 20-1, showed the following with regard to investing and financing activities: 20-2 20-1 Building $130,100    $0   ...
In preparation for developing its statement of cash flows for the year ended December 31, 2018,...
In preparation for developing its statement of cash flows for the year ended December 31, 2018, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 60.0 Payment for the early extinguishment of long-term bonds (book value: $79.0 million) 84.0 Proceeds from the sale of treasury stock (cost: $15.0million) 20.0 Gain on sale of land 2.4 Proceeds from sale of land 7.2 Purchase of Microsoft common stock 138.0 Declaration of...
Missing Amounts From Financial Statements The financial statements at the end of Paradise Realty's first month...
Missing Amounts From Financial Statements The financial statements at the end of Paradise Realty's first month of operations are shown below. PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned $149,300 Operating expenses: Wages expense $ (a) Rent expense 14,400 Supplies expense 12000 Utilities expense 8,100 Miscellaneous expense 4,950     Total operating expenses (69,300) Net income $ (b) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Total Balances,...
Missing Amounts From Financial Statements The financial statements at the end of Paradise Realty's first month...
Missing Amounts From Financial Statements The financial statements at the end of Paradise Realty's first month of operations are shown below. PARADISE REALTY Income Statement For the Month Ended November 30, 20Y3 Fees earned $149,300 Operating expenses: Wages expense $ (29,850) Rent expense 14,400 Supplies expense 12000 Utilities expense 8,100 Miscellaneous expense 4,950     Total operating expenses (69,300) Net income $ (80,000) PARADISE REALTY Statement of Stockholders' Equity For the Month Ended November 30, 20Y3 Common Stock Retained Earnings Total Balances,...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT