Question 1: Cash Flow Statement (Direct Method) The Chan Company's accounting records include the following information for the year ended 30th September 2014: 1. Salary expense $104,000 2. Interest Revenue 8,000 3. Proceeds from issue of shares 31,000 4. Declaration and payment of dividends 22,000 5. Collection of interest receivable 7,000 6. Payment of salaries 110,000 7. Sales (all on credit) 358,000 8. Loan made to an another company 42,000 9. Proceeds from sale of non-current assets 18,000 including $1,000 loss. 10. Cash collections from customers 369,000 11. Cash receipt of dividend (on investments) 3,000 12. Payments to suppliers 319,000 13. Cash sales 92,000 14. Depreciation expense 32,000 15. Short term borrowings (cash received) 38,000 16. Repayment of long term debt 57,000 17. Interest expense and payments 11,000 18. Collection of cash from previous loan 51,000 19. Proceeds from sale of investments 22,000 including $13,000 gain. 20. Amortisation expense 5,000 21. Purchase of inventory on credit from suppliers 297,000 22. Income tax expense 18,000 23. Income tax payments 16,000 24. Cash paid for purchase of non-current assets 83,000 25. Cost of goods sold 284,000 26. Cash Balance: 30 Sept 2013 $83,000 30 Sept 2014 $54,000 Required: Prepare a cash flow statement for the year ended 30th September 2014 using the DIRECT METHOD for determining Cash flow from Operations