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LO 2,4 P11-72B. (Learning Objectives 2, 4: Prepare the statement of cash flows-direct method) vided the following data from the company's records for Ballinger Furniture
LO 2,4 P11-72B. (Learning Objectives 2, 4: Prepare the statement of cash flows-direct method) vided the following data from the company's records for Ballinger Furniture Gallery, Inc., pro the year ended August 31, 2019: a. Credit sales, $574,400 b. Loan to another company, $13,000 c. Cash payments to purchase plant assets, $37,600 d. Cost of goods sold, $382,700 e. Proceeds from the issuance of common stock, $8,000 f. Payment of cash dividends, $47,700 g. Collection of interest, $4,600 h. Acquisition of equipment by issuing a short-term note payable, $16,500 i. Payments of salaries, $96,900 j. Proceeds from the sale of plant assets, $22,200, including a $6,400 loss k. Collections on accounts receivable, $378,500 I. Interest revenue, $1,800 m. Cash receipt of dividend revenue, $7,800 n. Payments to suppliers, $368,400 o. Cash sales, $201,000 p. Depreciation expense, $49,900 q. Proceeds from the issuance of note payable, $23,400 r. Payments of long-term notes payable, $83,000 s. Interest expense and payments, $I t. Salary expense, $98,100 u. Loan collections, $12,600 v. Proceeds from the sale of investments, $10,000, including a $4,400 gain w. Payment of a short-term note payable by issuing a long-term note payable, $78,000 x. Amortization expenses, $1,4 y. Income tax z. Cash balance: August 31, 2018, $89,900; August 31, 2019, S61,700 2,900 expense and payments, $36,800 Requirements 1. Prepare Ballinger Furniture Gallery's statement of cash flows for the year ended August 3 2019. Use the direct method for cash flows from operating activities. Include an accompa nying schedule of noncash investing and financing activities. 2. Evaluate the company's fiscal year ended August 31, 2019, from a cash flow standpoint
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