The Following Transactions Apply to the Grant Corporation for 2013

question 56

Essay

The following transactions apply to the Grant Corporation for 2013, its first year in business.
1) Issued stock to investors, $24,000.
2) The company borrowed $21,000 cash from the bank.
3) Services were provided to customers and $24,000 cash was received.
4) The company loaned $5,000 to another company.
5) The company acquired land for $22,000.
6) The company paid $12,000 rent for the building where it does its business.
7) The company paid $1,600 for supplies that were used during the period.
8) The company sold the land acquired in item 5 for $22,000.
9) A dividend of $5,000 was made to the owners.
10) Repaid $10,000 of the loan described in item 2.
Required:
Prepare a statement of cash flows for 2013.

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Definitions:

Steppe

A vast, treeless plain characterized by its grassy cover, often found in southeastern Europe or Siberia, which supports a variety of animals adapted to open and semi-arid environments.

Taiga

also known as the boreal forest, is a biome characterized by coniferous forests spanning across northern parts of North America, Europe, and Asia.

Taproot

The main central root from which other roots sprout laterally, typically found in many plants and trees, providing anchorage and nutrient absorption.

Nutrient-poor

Environments or substances that lack sufficient quantities of essential nutrients needed to support robust plant or animal growth and health.