Computing cash flows from operating activities-indirect method
One Way Cellular accountants have assembled the following data for the year ended September 30, 2012:
|
Cash receipt from sale of land
|
$34,000
|
Net income
|
$55,000
|
|
Depreciation expense
|
20,000
|
Purchase of equipment
|
39,000
|
|
Payment of dividends
|
6,100
|
Decrease in current liabilities
|
19,000
|
|
Cash receipt from issuance of common stock
|
30,000
|
Increase in current assets other than cash
|
14,000
|
Requirement
1. Prepare the operatingactivities section using the indirect method for One Way Cellular's statement of cash flows for the year ended September 30, 2012.