The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2020 with a December 31 closing date. Cash Beginning balance 9,000
The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2020 with a December 31 closing date. Cash Beginning balance 9,000 Equipment purchases 24,000 Sales of services 45,000 Rent payable payments 7,000 Receivables collections 50,000 Bank loan principal 12,000 Sale of property 7,500 Loan interest 3,000 Issuance of common stock 15,000 Payroll expense 26,500 Long-term borrowings 16,000 Dividend payments 4,000 Miscellaneous expenses 13,000 Long-term investment purchase 10,000 Compute the ending cash balance. Prepare a statement of cash flows using the direct method.
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