DIRECT CASH FLOW Homework 1. Invested $200,000 to start JHJ rental car company

2. Paid cash of $10,000 for supplies

3. Paid cash of $24,000 for two-year insurance policy

4. Purchased equipment on account in the amount of $10,000

5. Purchased $15,000 in supplies on account

6. Purchased ten autos for $30,000 each paying $50,000 down and signed a long-term note for the balance

7. Received cash car rental revenue $400,000

8. Paid office salaries of $80,000

9. Car rental revenue earned from corporate customers on account $100,000

10. Paid on accounts payable $20,000

11. Collection of cash from corporate customers $50,000

12. Dwight Howard paid $20,000 in advance to rent cars for friends for the NBA All Star Game

13. Depreciation expense on equipment is calculated utilizing straight-line method and five year life

14. Record expiration of one years insurance premiums

15. Accrued salaries at end of year totaled $12,000

16. Paid on note payable $25,000 principal and $10,000 interest

REQUIRED: Prepare Statement of cash flow