(L.OBJ. 4) Preparing the direct method Statement of Cash Flows [15 min]
White Chocolate, Inc., began 2011 with cash of $52,000. During the year White Chocolate earned revenue of $591,000 and collected $624,000 from customers. Expenses for the year totaled $423,000, of which White Chocolate paid $413,000 in cash to suppliers and employees. White Chocolate also paid $143,000 to purchase equipment and a cash dividend of $49,000 to its stockholders during 2011.
Requirement
1. Prepare the company’s Statement of Cash Flows for the year ended December 31, 2011. Format operating activities by the direct method.
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