21 Mar Statement of Cash FlowsWisconsin Corporation was o
Statement of Cash FlowsWisconsin Corporation was organized on January 1, 2008, with the investment of $400,000 in cashby its stockholders. The company immediately purchased a manufacturing facility for $300,000,paying $150,000 in cash and signing a five-year promissory note for the balance. Wisconsinsigned another five-year note at the bank for $50,000 during 2008 and received cash in the sameamount. During its first year, Wisconsin collected $310,000 from its customers. It paid $185,000for inventory, $30,100 in salaries and wages, and another $40,000 in taxes. Wisconsin paid $4,000in cash dividends.Required1. Prepare a statement of cash flows for the year ended December 31, 2008.2. What does this statement tell you that an income statement does not?
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