Statement of Cash Flows

Please use the following transactions occurred during 2021 for ABC Inc and prepare a Statement of Cash Flows (Direct Method).

The balance of cash & cash equivalents at 1-1-2021 was $17,000

Cash Received from:

Collections from customers $830,000

Interest on Notes receivable 70,000

Collection of notes receivable 70,000

Sale of Investments 30,000

Issuance of Notes Payable 300,000

Cash Paid for:

Purchase of Inventory $610,000

Interest on Notes Payable 35,000

Purchase of equipment 185,000

Salaries to employees 140,000

Payment of Notes Payable 45,000

Dividends to Shareholders 30,000