Wisconsin Corporation was organized at the beginning of the year with the investment of $200,000 in cash by its stockholders. The company immediately purchased a manufacturing facility for $150,000, paying $75,000 in cash and signing a five-year promissory note for the balance. Wisconsin signed another five-year note at the bank for $25,000 during the year and received cash in the same amount. During its first year, Wisconsin collected $310,000 from its customers. It paid $186,000 for inventory, $35,100 in salaries and wages, and another $35,000 in taxes. Wisconsin paid $3,000 in cash dividends.
Required:
1.Prepare a statement of cash flows for the year.
2.What does this statement tell you that an income statement does not?