Coyle Products Ltd. accountants have developed the following data from the company's accounting records for the year

Question:

Coyle Products Ltd. accountants have developed the following data from the company's accounting records for the year ended July 31, 2014:

a. Salaries expense, $631,800.

b. Cash payments to purchase property, plant, and equipment, $1,035,000.

c. Proceeds from issuance of long-term debt, $264,600.

d. Payments of long-term debt, $112,800.

e. Proceeds from sale of property, plant, and equipment, $358,200.

f. Interest revenue, $72,600.

g. Cash receipt of dividend revenue on investments in shares, $66,200.

h. Payments to suppliers, $4,129,800.

i. Interest expense and payments, $226,800.

j. Cost of goods sold, $2,886,600.

k. Collection of interest revenue, $20,200.

l. Acquisition of equipment by issuing short-term note payable, $213,000.

m. Payment of salaries, $804,000.

n. Credit sales, $3,648,600.

o. Income tax expense and payments, $338,400.

p. Amortization expense, $309,600.

q. Collections on accounts receivable, $4,038,600.

r. Collection of long-term notes receivable, $446,400.

s. Proceeds from sale of investments, $538,200.

t. Payment of long-term debt by issuing preferred shares, $900,000.

u. Cash sales, $1,134,000.

v. Proceeds from issuance of common shares, $589,400.

w. Payment of cash dividends, $340,000.

x. Cash balance: July 31, 2013-$654,800 July 31, 2014-$?

Required

1. Prepare Coyle Products Ltd.'s cash flow statement for the year ended July 31, 2014. Follow the format of Exhibit 17-12, but do not show amounts in thousands. Include a note to the financial statements giving a summary of noncash investing and financing activities.

2. Evaluate 2014 in terms of cash flow. Give your reasons.

EXHIBIT 17-12 Cash Flow Statement (Direct Method for Operating Activities) CAPILANO LTD. Cash Flow Statement For the Yea

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Accounting

ISBN: 978-0132690089

9th Canadian Edition volume 2

Authors: Charles T. Horngren, Walter T. Harrison Jr., Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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