The accounting records for Haskins Steel, Inc., for the year ended June 30, 2018, contain the following
Question:
The accounting records for Haskins Steel, Inc., for the year ended June 30, 2018, contain the following information:
a. Purchase of fixed assets for cash, $97,400
b. Proceeds from issuance of common stock, $45,000
c. Payment of dividends, $47,400
d. Collection of interest, $4,500
e. Payment of salaries, $94,000
f. Proceeds from sale of fixed assets, $24,000
g. Collections from customers, $610,500
h. Cash receipt of dividend revenue, $4,900
i. Payments to suppliers, $372,800
j. Depreciation expense, $57,000
k. Proceeds from issuance of long-term notes payable, $39,100
l. Payments of long-term notes payable, $46,000
m. Interest expense and payments, $11,500
n. Income tax expense and payments, $38,000
o. Cash balances: June 30, 2017, $39,300; June 30, 2018, $60,200
Requirement
Prepare Haskins Steel, Inc.’s statement of cash flows for the year ended June 30, 2018. Use the direct method for cash flows from operating activities.
DividendA dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
Step by Step Answer:
Haskins Steel Inc Statement of Cash Flows Year Ended June 30 2018 Cash flows from opera...View the full answer
