Refer to the information in Problem 17-3B. Prepare a statement of cash flows for 2014 using the

Question:

Refer to the information in Problem 17-3B. Prepare a statement of cash flows for 2014 using the direct method to report cash inflows and outflows from operating activities.

Other information:

Burrow Mining Inc. Comparative Balance Sheet Information December 31 Burrow Mining Inc. Income Statement Year Ended December 31, 2014 Net 2014 Sales Change S 28,000 $ 14,560 $ 13,440 2013 $504,000 336,000 S168,000 Cash. Cost of goods sold. Gross profit. Operating expenses. Depreciation expense. Loss on sale of equipment. Cash

a. All sales are credit sales.
b. All credits to accounts receivable are receipts from customers.
c. All purchases of merchandise are on credit.
d. All debits to accounts payable result from payments for merchandise.
e. Other operating expenses are cash expenses.
f. Income taxes are cashexpenses.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...