![P14A-19B 6 Preparing the statement of cash flows-direct method [45-60 min] To prepare the statement of cash flows, accountants for I-M-Mobile, Inc., have sum marized 2012 acvity in the Cash account as follows: Cash Beginning balance Issuance of common stock Receipts of interest revenue Collections from customers 87,900 Payments of operating expenses 46,200 64,500 78,000 8,000 Payments on accounts payable 101,200 1,200 21,400 56,500 60,700 Payment 15,600 Payment of note payable 308,700 Payment of income tax s of salaries and wages Payments of dividends Payments of interest Purchase of equipment Ending balance 95,900 Requirement 1 Prepare I-M-Mobiles statement of cash flows for the year ended December 31 2012, using the direct method to report operating activities](http://img.homeworklib.com/questions/48ae6020-7350-11ea-b985-c763b1655c44.png?x-oss-process=image/resize,w_560)
Homework Answers
| STATEMENT OF CASH FLOWS (DIRECT METHOD) | ||
| Cash flows from operating activities: | ||
| Collection from customers | 308700 | |
| Receipts of interest income | 15600 | |
| Payments on accounts payable | -101200 | |
| Payments of operating expenses | -46200 | |
| Payments of salaries and wages | -64500 | |
| Payment of income tax | -8000 | |
| Payment of interest | -21400 | |
| Net cash from operating activities | 83000 | |
| Cash flows from investing activities: | ||
| Purchase of equipment | -56500 | |
| Net cash used by investing activities | -56500 | |
| Cash flows from financing activities: | ||
| Issuance of common stock | 60700 | |
| Payment of note payable | -78000 | |
| Payment of dividends | -1200 | |
| Net cash from financing activities | -18500 | |
| Increase in caah and cash equivalents | 8000 | |
| Beginning balance of cash and cash equivalents | 87900 | |
| Ending balance of cash and cash equivalents | 95900 | |
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P14A-19B 6 Preparing the statement of cash flows-direct method [45-60 min] To prepare the statement of...
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