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Question
Cannon Company has the following information for the year ending December 31, 2012:
Short-term debt of $18,000 was issued for cash.
Cash paid for labor during 2012 amounted to $489,500.
During the year, Cannon experienced a pension outflow of $14,000.
Dividends of $34,000 were received.
Cannon's cash balance at the beginning of 2012 was $975,000.
The company made an investment of $310,000 in an affiliate company.
A lease payment of $110,000 was made on November 1, 2012.
During the year, Cannon collected $780,000 cash from customers.
Cash paid for income taxes amounted to $56,000 for all of 2012.
During 2012, Cannon discontinued its consumer electronics division resulting in a $12,000 net cash inflow.
Required:
Answer
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