Use the following information about the cash flows of Kansas Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2011. Use a note disclosure for any noncash investing and financing activities.
Cash and cash equivalents balance, December 31, 2010 | $ 25,000 |
Cash and cash equivalents balance, December 31, 2011 | 70,000 |
Cash received as interest | 2,500 |
Cash paid for salaries | 72,500 |
Bonds payable retired by issuing common stock (no gain or loss on retirement) | 187,500 |
Cash paid to retire long-term notes payable | 125,000 |
Cash received from sale of equipment | 61,250 |
Cash received in exchange for six-month note payable | 25,000 |
Land purchased by issuing long-term note payable | 106,250 |
Cash paid for store equipment | 23,750 |
Cash dividends paid | 15,000 |
Cash paid for other expenses | 40,000 |
Cash received from customers . | 485,000 |
Cash paid for merchandise | 252,500 |
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