DIRECT DEVELOPMENT OF A STATEMENT OF CASH FLOWS. According to Laurie Bond, controller, Transworld Export engaged in
Question:
DIRECT DEVELOPMENT OF A STATEMENT OF CASH FLOWS. According to Laurie Bond, controller, Transworld Export engaged in the following transactions during a recent year:
Made credit sales of $1,007,000.
Collected receivables in the amount of $978,000.
Purchased merchandise on credit at a cost of $672,000.
Paid accounts payable in the amount of $657,000.
Incurred operating and financial expenses in the amount of $307,000. All operating and financial expenses were paid in cash when incurred.
Incurred depreciation expense (not included in transaction
e) in the amount of
$17,000.
Repaid a long-term note payable at maturity in the amount of $10,000.
Paid dividends in the amount of $7,000.
Purchased new equipment for cash in the amount of $37,000.
Sold common stock for $25,000 cash.
REQUIRED:
Prepare a statement of cash flows, using the direct method to determine cash flows from operations.
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