Wisconsin corporation was organized on january 12012 witht

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Reference no: EM13363692

WIsconsin Corporation was organized on January 1,2012, witht he invesatment of $400,000 in cash by its stockholders. THe company immediately purchased a nmanufacturing facility for $300,000, paying $150,000 in cash signing a five-year promissory note for the balance. WIsconsin signed another five year note at the bank for $50,000 during 2012 and reeived cash in the same amount. DUring its first year, Wisconsin collected $310,000 from its customers. It paid $185,000 for inventory, $30,100 in salaries and wages, and another $40,000 in taxes. WIsconsin paid $4,000 in cash dividends.

1. Purpose a statement of cash flows for the year ended December 31, 2012.

2. What does this statement tell you that an income statement does not?

Reference no: EM13363692

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