A firm has the following financial statements and paid a $1,000 dividend during the year.
a. Calculate cash from operating activities showing the current account changes separately.
b. Calculate cash from financing activities.
c. Calculate cash from investing activities.
d. Develop a statement of cash flows including a reconciliation with the cash account.
Definitions:
Sole Proprietorship
A business in which one person (sole proprietor) is in control of the management and profits.
Management
The process of planning, organizing, leading, and controlling resources to achieve organizational goals.
Profits
The financial gain realized when the revenue generated from business activities exceeds the expenses, taxes, and costs involved in maintaining the operation.
Sole Proprietorship
A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.
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