The income statement and additional data of Consolidated Services, Inc., follow:

Additional data:

a. Collections from customers are $5,000 more than sales.

b. Payments to suppliers are $3,000 more than the sum of cost of goods sold plus advertising expense.

c. Payments to employees are $15,000 more than salaries expense.

d. Dividend revenue, interest expense, and income tax expense equal their cash amounts.

e. Acquisition of fixed assets for cash is $103,000.

f. Proceeds from sale of land total $22,000.

g. Proceeds from issuance of common stock for cash total $50,000.

h. Payment of a long-term note payable is $9,000.

i. Payment of dividends is $11,000.

j. Cash balance at November 30, 2017, was $23,000.

Requirement

Prepare Consolidated Services? statement of cash flows for the year ended November 30, 2018. Use the direct method.

Transcribed Image Text:

Consolidated Services, Inc. Income Statement Year Ended November 30, 2018 Revenues: Sales Revenue $304,000 11,000 Dividend Revenue $315,000 Total Revenues Expenses: $103,000 Cost of Goods Sold Salaries Expense 55,000 Depreciation Expense Advertising Expense Interest Expense Income Tax Expense Total Expenses 28,000 16,000 6,000 9,000 217,000 $ 98,000 Net Income