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Q1) As accountant at Herman Industries, you are responsible for making statement of cash flows. You have decided to make the statement using direct method and have collected following data from accounting records:

Payment of long-term debt $217,000
Collections on accounts receivable 210,900
Acquisition of equipment by issuing
long-term note payable 85,000
Interest revenue 14,500
Credit sales 392,700
Salary expense 103,800
Cash payments to purchase plant assets 71,000
Cost of goods sold 417,300
Collection of interest revenue 13,700
Payment of cash dividends 48,500
Income tax expense and payments 39,200
Proceeds from sale of plant assets,
including $6,900 loss 31,800
Cash receipt of dividend revenue 19,300
Payments of salaries 94,100
Depreciation expense 72,400
Cash sales 203,900
Proceeds from issuance of common stock 300,000
Payments for interest expense 60,400
Bonds payable converted into common stock 250,000
Payments to suppliers 295,400
Cash balance: December 31, 20X5 55,500
Cash balance: December 31, 20X6 9,500

Create statement of cash flows for year ended December 31, 20X6, using direct method, and include schedule of noncash investing and financing activities if necessary.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919809

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