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The accounting staff of Lambert Company has assembled the following information for the year ended December 31, 2015:

Cash sales	$825,000
Credit sales	2,500,000
Collections on accounts receivable	2,200,000
Cash transferred from the money market fund to the general bank account	250,000
Interest and dividends received	100,000
Purchases (all on account)	1,800,000
Payments on accounts payable to merchandise suppliers	1,500,000
Cash payments for operating expenses	1,050,000
Interest paid	180,000
Income taxes paid	95,000
Loans made to borrowers	500,000
Collections on loans (excluding receipts of interest)	260,000
Cash paid to acquire plant assets	3,100,000
Book value of plant assets sold	660,000
Loss on sales of plant assets	80,000
Proceeds from issuing bonds payable	2,500,000
Dividends paid	120,000
Cash and cash equivalents, Jan. 1	512,000

Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91789661

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