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A summary of cash flows for Linda’s Design Services for the year ended December 31 is shown below.
Cash receipts:Cash received from customers$83,990Cash received from issuing common stock25,000Cash payments:Cash paid for expenses$27,000Cash paid for land47,000Cash paid for supplies410Dividends5,000The cash balance as of January 1$40,600Required:
Prepare a statement of cash flows for Linda’s Design Services for the year ended December 31. Refer 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. The word “Deduct” and a colon (:) will automatically appear if it is required. Enter amounts that represent cash outflows as negative numbers using a minus sign.
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