Question

Mason Interiors began the year with cash of $ 52,000. During the year, Mason Interiors earned service revenue of $ 412,000. Cash collections for the year were $ 375,000. ­Expenses for the year were $ 385,000, with $ 370,000 of that total paid in cash. The ­company also used cash to purchase equipment for $ 80,000 and to pay a cash dividend to stockholders of $ 30,000. During the year, the company also borrowed $ 58,000 cash by issuing a note payable.

Requirement
Prepare the company’s statement of cash flows using the direct method.



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  • CreatedAugust 27, 2014
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