The following additional data were provided:
1. | Dividends declared and paid were $35,000. | |
2. | During the year equipment was sold for $17,000 cash. This equipment cost $28,000 originally and had a book value of $17,000 at the time of sale. | |
3. | All depreciation expense is in the operating expenses. | |
4. | All sales and purchases are on account. | |
5. | Accounts payable pertain to merchandise suppliers. | |
6. | All operating expenses except for depreciation were paid in cash. |
Prepare a statement of cash flows for Lowz Company using the direct
method
Statement of cash flows
Cash flow from operating activities | ||
Cash received from customers (400000+9000) | 409000 | |
Cash paid to supplier (270000+17000+5000) | -292000 | |
Cash paid for expense (45000-8000) | -37000 | |
Cash paid for income tax | -23000 | |
Cash paid for interest | -5000 | |
Net Cash flow from operating activities | 52000 | |
Cash flow from investing activities | ||
Cash received from sale of equipment | 17000 | |
Net cash flow from investing activities | 17000 | |
Cash flow from financing activities | ||
Issue common Stock | 4000 | |
Repaid bonds | -25000 | |
Dividend paid | -35000 | |
Net cash flow from financing activities | -56000 | |
Net cash flow | 13000 | |
Beginning Cash | 23000 | |
Ending Cash | 36000 | |
The following additional data were provided: 1. Dividends declared and paid were $35,000. 2. During the...
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