Unit 6 Assignment 3 cash flow direct method

This assessment addresses the following course objective(s):

Prepare Income Statement, Statement of Owner Equity, Balance Sheet, and Cash Flow Statement.

Account for various transactions using industry-standard accounting software.

Cash flow Direct Method Direct: Preparing statement of cash flows and supporting note Cash and cash equivalents, Dec. 31 prior year-end 27.000 75.924 2700 78.300 Cash and cash equivalents, Dec 31 current year-end Cash received as interest Cash paid for salaries Bonds payable retired by issuing common stock (no gain or loss on trement) Cash paid to retire long term notes payable Cash received from sale of equipment Cash received in exchange for six-month note payable 200.000 135,000 66.150 27,000 Land purchased by issuing long-term note payable Cash paid for store equipment Cash dividends paid Cash paid for other expenses Cash received from customers Cash paid for inventory 116.000 256S 16.200 43200 523.800 272.376 Midland Company Statement of Cash Flows For Year Ended December 31 Cash flows from operating activities Receipts from customers Receipts of interest Payments for inventory Payments for salaries Payments for other expenses Net cash provided by operating activities Cash flows from investing activities Receipt from sale of equipment Payment for store equipment Net cash provided by investing activities Cash flows from financing activities Payment to retire long-term notes payable Receipt from borrowing on S-month note Payment of cash dividends Net cash used in financing activities Net increase (decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Noncash investing and financing activities Bonds payable retired by issuing common stock Land purchased by issuing long-term note payable