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The 2014 accounting records of Rogan Transport reveal these transactions and events. Payment of salaries and Payment of interest $21,060 it 111.618 wages Cash sales 101,088 Depreciation expense 33,696 Reoeipt of dividend revenue 37.908 pm'FEEds \"1"\" sale l 1,710,072 vehicles Payment of income taxes 25,272 Ezghase Of equipment for 46,332 Net income 80.028 Loss on sale of vehicles 5.318 Payment for merchandise 204,282 Payment of dividends 29,484 Payment for land 155.844 payment \"f 0'35\"\""9 58.968 expenses Collection of accounts . 410,670 receivable Prepare the cash ows from operating activities section using the direct method. (Show amounts that decrease cash ow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Raga n Tra nsport Statement of Cash FlawsDirect Method For the Year 2014 Sales revenue $2,298,400 Cost of goods sold Beginning inventory $2,385,600 Purchases 4,386,300 Goods available for sale 6,221,900 Ending inventory 1,619,800 Total cost of goods sold 5,152,100 Gross prot 2,646,300 Operating expenses Selling expenses 492,100 Adminis'o'a'dve expenses 21 1,400 1,203,500 Net income $1,442.300 Additional information: Accounts receivable decreased $429,200 during the year, and inventory decreased $265,800. Prepaid expenses increased $160,200 doling the year. Acoounts payable to suppliers of merchandise decreased $354,200 during the year. Accrued expenses payable decreased $102,000 doling the year. Administrative expenses inciude depreciation expense of $150,400. 91.459401!" Prepare the operating activities section of the statement of cash ows for the year ended November 30, 2014, for Passon Company, using the (15,000).) PAXSON COMPANY Partial Statement of Cash Flows For me Year Ended November 30, 2014 Sales revenue $7,666.000 Cost of goods sold Beginning inventorv $2,369,000 Purchases 4,493,600 Goods available for sale 6,561,600 Ending inventory 1,409,500 Total cost of goods sold 5,452,100 Gross prot 2,213,900 Operating expenses Selling expenses 442,100 Adm isb'ab've expenses 750.200 1.192.300 Net income 00 deitio nal inform ation: Amounts receivable decreased $402500 during the year, and inventory decreased $958,500. Prepaid expenses increased $152,900 during the year. Amounts payable to suppliers of merchandise decreased $358,400 during the year. Accrued expenses payable decreased $109,100 during the year. Administrab've expenses indude depreciab'on expense of $150,300. 'repare the operating activities section of the statement of cash ows using the direct method. (Show amounls that decrease cash ow with either a 7 sign 9.9. 715,000 or in parenthesis 9.9. (15,000).) PAXSON COMPANY Partial Statement of Cash Flows For lhe Year Ended November 30, 2014 PIEEBIILEU HEIUW are LlIE lII'lliIILJl'cII SLHLBIIIEHLS Ul hUILCEI LUIIIIJHII)'. KURTZEL COMPANY Comparative Balance Sheets December 31 Cash $ 109.355 $ 62,500 Accounts receivable 62,500 43,?50 Inventory 8?.500 62.500 Property, plant, and equipment 18?,500 243,750 Accumulated depreciation (100.000 ) [75.000 ) Total $346,83I'5 $33?,5E|D Accounts payable $ 59.35 Income taxes payable 21,8?5 Bonds payable 53.125 Common stock 56,250 Retained earnings 156,250 Total $346, 8 }'5 Sale; revenue Cost of goods sold Gross prot Selling expenses $56,250 Administrative expenses 18.750 In come from operations Interest expense Income before income taxes Income tax expense Net income Ddditional data: 1.. Depreciation expense was $54.68}. 2. Dividends declared and paid were $62,500. 3. During the year equipment was sold for $26,563 cash $ 46.875 25,000 103.125 43,550 113.750 $337500 $356250 546,875 209.375 75.000 134,315 9.375 125,000 25.000 1; 100,000 . This equipment cost $56,250 originally and had accumulated depreciation of $29,687 at the time of sale.
