Question
Taser Corporations recent comparative balance sheet and income statement follow. Balance Sheets, December 31 Prior Year Current Year Assets Cash and cash equivalents $93,600 $153,120
Taser Corporations recent comparative balance sheet and income statement follow.
Balance Sheets, December 31 | Prior Year | Current Year |
---|---|---|
Assets | ||
Cash and cash equivalents | $93,600 | $153,120 |
Accounts receivable (net) | 163,200 | 163,200 |
Merchandise inventory | 374,400 | 408,000 |
Investments, long-term | 48,000 | |
Plant assets | 808,800 | 866,400 |
Accumulated depreciation | (211,200) | (163,200) |
Total assets | $1,228,800 | $1,475,520 |
Liabilities and Stockholders Equity | ||
Accounts payable | $100,800 | $91,200 |
Salaries payable | 7,200 | 2,400 |
Income taxes payable | 9,600 | 16,800 |
Bonds payable | 480,000 | 480,000 |
Premium on bonds payable | 19,200 | 17,760 |
Common stock, no-par | 576,000 | 746,400 |
Retained earnings | 36,000 | 120,960 |
Total liabilities and stockholders equity | $1,228,800 | $1,475,520 |
Income Statement, For Year Ended December 31 | Current Year |
---|---|
Sales revenue | $576,000 |
Cost of goods sold | (230,400) |
Depreciation expense | (28,800) |
Salaries expense | (105,600) |
Income tax expense | (48,000) |
Interest expense | (33,600) |
Other expenses | (11,040) |
Gain on sale of plant assets | 14,400 |
Net income | $132,960 |
Additional information
1. Purchased a plant asset, $144,000; issued common stock in full payment.
2. Purchased a long-term investment in equity securities for cash, $48,000.
3. Declared and paid cash dividend, $48,000.
4. Sold a plant asset for $24,000 cash (cost, $86,400; accumulated depreciation, $76,800).
5. Issued common stock, 2,400 shares at $11 per share cash.
Prepare the operating activities section of the statement of cash flows, using the direct method.
Note: Use negative signs with amounts for cash outflows.
Only looking for Payments for interest! The answer is not -33,600 nor +33,600 Please help :(
Cash Flows from Operating Activities Collections from customers Payments to suppliers Payments for salaries Payments for income taxes Payments for interest Other expenses $ 576,000 (273,600) (110,400) (40,800) Net cash provided (used) by operating activities $ (33,600) x (11,040) 173,760 x
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