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9. Dazzling Digital Services, Inc., has provided the following data from the company's records for the year just ended December 31: 10 (Click the icon to view the data.) Requirements 1. Prepare the statement of cash flows for Dazzling Digital Services, Inc., using the direct method for cash flows from operations. Note that you will need to calculate the ending balance of cash and cash equivalents. Include a schedule of noncash investing and financing activities. 2. Evaluate Dazzling's cash flows for the year. Discuss each of the categories of cash flows in your response. Requirement 1. Prepare the statement of cash flows for Dazzling Digital Services, Inc., using the direct method for cash flows from operations. Note that you will need to calculate the ending balance of cash and cash equivalents. Include a schedule of noncash investing and financing activities. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted or for a net cash outflow.) Dazzling Digital Services, Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: (1) (2) (3) (5) (6) (7) Net cash provided by (used for) operating activities Investing Activities: (8) (9) (10) Net cash provided by used for) investing activities Financing Activities: (11) (12) (13) (14) Net cash provided by (used for) financing activities Net increase (decrease) in cash Cash, beginning of the year Cash, end of the year Noncash investing and financing transactions: (15) (16) Total noncash investing and financing activities Requirement 2. Evaluate Dazzling's cash flows for the year. Discuss each of the categories of cash flows in your response. The year was a (17) year from a cash-flow standpoint. Operations (18) cash, and the company was (19) to issue new stock, which means the stockholders (20) faith in the company. The business (21) in plant assets and (22) their debt, which generally bodes (23) for the future. 10: Data Table a. Collection of interest $ 5,800 b. Cash sales $ 250,000 c. Credit sales.. $ 673,000 d. Proceeds from sale of long-term investment. $ 12,800 e. Gain on sale of investment $ 2,800 f. Payments to suppliers... $ 570,000 g. Cash payments to purchase plant assets $ 52,400 h. Depreciation expense $ 63,000 i. Salaries expense. $ 77,400 j. Payment of short-term note payable by issuing common stock ... $ 71,700 k. Cost of goods sold.. $ 569,000 1. Proceeds from issuance of long-term note payable. $ 24,100 m. Income tax expense and payment $ 38,200 n. Proceeds from issuance of common stock $ 21,000 0. Receipt of cash dividends $ 7,000 p. Interest revenue $ 5,600 9. Payment of cash dividends. 28,900 r. Collections of accounts receivable. $ 574,000 s. Amortization expense... $ 3,100 t. Payments on long-term notes payable. $ 45,000 u. Interest expense and payments. $ 12,700 V. Purchase of equipment by issuing common stock to seller $ 17.700 w. Payment of salaries 74,100 X. Proceeds from sale of plant assets.. $ 24,600 y. Loss on sale of plant assets 3,900 z. Cash and cash equivalents balance, beginning of year $ 25,300 (1) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable O Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (2) O O Cash payments to employees for salaries and wages O Cash received from issuing common stock O Cash used to repay long-term debt O Cash dividends received O Cash payments to suppliers for inventory O Cash received from issuing long-term note payable O Depreciation expense O Cash payments for interest Cash receipts from customers O Cash used to pay dividends O Loss on sale of plant assets O Cash payments for taxes O Cash receipts from interest O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (3) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable 0 Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets Purchase of equipment by issuing common stock to seller (4) O O Cash payments to employees for salaries and wages O Cash dividends received O Cash payments to suppliers for inventory O Cash payments for interest Cash receipts from customers O Cash payments for taxes O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (5) O O Cash payments to employees for salaries and wages O Cash dividends received O Cash payments to suppliers for inventory O Cash payments for interest Cash receipts from customers O Cash payments for taxes O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (6) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable O Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets Purchase of equipment by issuing common stock to seller (7) O O Cash payments to employees for salaries and wages O Cash dividends received O Cash payments to suppliers for inventory O Cash payments for interest Cash receipts from customers O Cash payments for taxes O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (8) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable O Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets Purchase of equipment by issuing common stock to seller (9) O O Cash payments to employees for salaries and wages O Cash dividends received O Cash payments to suppliers for inventory O Cash payments for interest Cash receipts from customers O Cash payments for taxes O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable 0 Depreciation expense O Cash used to pay dividends Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets Purchase of equipment by issuing common stock to seller (10) O O Cash dividends received Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash received from issuing common stock O Cash payments to suppliers for inventory O Cash received from issuing long-term note payable O Cash receipts from customers O Cash used to pay dividends O Cash receipts from interest O Cash used to purchase plant assets Cash used to repay long-term debt O Depreciation expense O Loss on sale of plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (11) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing long-term note payable O Depreciation expense O Cash used to pay dividends O Loss on sale of plant assets O Cash used to purchase plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (12) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash received from issuing long-term note payable O Cash used to pay dividends O Cash used to purchase plant assets O Cash used to repay long-term debt O Depreciation expense O Loss on sale of plant assets Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (13) O O Cash dividends received O Cash payments for interest Cash payments for taxes O Cash payments to employees for salaries and wages O Cash received from issuing common stock O Cash payments to suppliers for inventory Cash received from issuing long-term note payable O Cash receipts from customers O Cash used to pay dividends O Cash receipts from interest O Cash used to purchase plant assets O Cash used to repay long-term debt O Depreciation expense O Loss on sale of plant assets O Payment of short-term note payable by issuing common stock O Proceeds from sale of long-term investment Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (14) O O Cash dividends received Cash payments for interest Cash payments for taxes O Cash payments to employees for salaries and wages O Cash received from issuing common stock O Cash payments to suppliers for inventory O Cash received from issuing long-term note payable O Cash receipts from customers O Cash used to pay dividends O Cash receipts from interest O Cash used to purchase plant assets O Cash used to repay long-term debt O Depreciation expense O Loss on sale of plant assets O Payment of short-term note payable by issuing common stock Proceeds from sale of long-term investment O Proceeds from sale of plant assets O Purchase of equipment by issuing common stock to seller (15) O O Cash dividends received O Cash payments for interest O Cash payments for taxes O Cash payments to employees for salaries and wages O Cash payments to suppliers for inventory O Cash receipts from customers O Cash receipts from interest O Cash received from issuing common stock O Cash used to repay long-term debt O Cash received from issuing note payable O Depreciation expense O Cash used to pay dividends Loss on sale of plant assets Cash used to purchase plant, property, and equipment Payment of short-term note payable by issuing common stock O Proceeds from sale of equipment O Proceeds from sale of investment O Purchase of equipment by issuing common stock to seller (16) O O Cash dividends received O Cash payments for interest Cash payments for taxes O Cash payments to employees for salaries and wages O Cash received from issuing common stock O Cash used to repay long-term debt O Cash payments to suppliers for inventory O Cash received from issuing note payable O Depreciation expense O Cash receipts from customers O Cash used to pay dividends O Loss on sale of plant assets O Cash receipts from interest O Cash used to purchase plant, property, and equipment Payment of short-term note payable by issuing common stock O Proceeds from sale of equipment O Proceeds from sale of investment O Purchase of equipment by issuing common stock to seller (17) O good O poor (18) O did not provide O provided (19) O able O unable (20) O do not have O have (21) O did not invest O invested heavily (22) O increased O reduced (23) O poorly O well