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i More Info Requirements a. On January 1, 2016, ARRC issued no par common stock for $475,000. b. Early in January, ARRC made

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American Reserve Rare Coins

Statement of Cash Flows

Year Ended December 31, 2016

Cash Flow From Operating Activities:
Receipts:
Collection from customer (3,000*$325*80%) $780,000
Total cash receipts $780,000
Payments:
Purchases of merchandise inventory $260,000
Payment for merchandise inventory 134,000
Payment for salaries (96,000-4,000) 92,000
Payment for income tax 22,000
Payment for rent 15,000
Total cash payments -523,000
Net cash provided by (used for) operating activities $257,000
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