Interiors began the year with cash of . During the year, Interiors earned service revenue of . Cash collections for the year were . Expenses for the year were , with of that total paid in cash. The company also used cash to purchase equipment for and to pay a cash dividend to stockholders of . During the year, the company also borrowed cash by issuing a long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method.

Miguel Interiors began the year with cash of $51,000. During the year, Miguel Interiors earned service revenue of $418,000. Cash collections for the year were $365,000. Expenses for the year were $355,000, with $340,000 of that total paid in cash. The company also used cash to purchase equipment for $90,000 and to pay a cash dividend to stockholders of $40,000. During the year, the company also borrowed $58,000 cash by issuing a long-term note payable. Requirement Prepare the company's statement of cash flows using the direct method. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted, net cash outflows, and decreases in cash.) Miguel Interiors Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net cash provided by (used for) operating activities