The accounting records of Flypaper Airlines Inc. reveal the following transactions and events for the year ended March 31, 2021:

Additional information:

Flypaper Airlines? cash on April 1, 2020, was $35,000.

Instructions

Assuming Flypaper reports under ASPE, prepare a cash fl ow statement using the direct method.

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$ 8,000 Common shares issued in exchange for land 53,000 Payment of salaries 14,000 Depreciation expense 7,500 Proceeds from sale of aircraft 38,000 Purchase of equipment for cash 110,000 Loss on sale of aircraft Payment of dividends 201,000 Payment of operating expenses $ 35,000 Payment of interest Cash sales Receipt of dividend revenue Payment of income tax Profit Payment of accounts payable Payment for land Collection of accounts receivable 16,000 212,000 22,000 14,000 28,000