Question

Rosetta Inc.’s records contain the following information about the 2014 cash flows.
Cash and cash equivalents balance, December 31, 2013 ....................................... $ 37,500
Cash and cash equivalents balance, December 31, 2014 ....................................... 84,375
Cash received as interest ....................................................................................... 3,750
Cash paid for salaries ............................................................................................. 26,250
Bonds payable retired by issuing common shares
(There was no gain or loss on the retirement)........................................................ 281,250
Cash paid to retire long-term notes payable .......................................................... 91,875
Cash received from sale of equipment ................................................................... 37,500
Cash borrowed on six-month note payable........................................................... 37,500
Land purchased and financed by long-term note payable ..................................... 159,375
Cash paid for store equipment .............................................................................. 35,625
Cash dividends paid .............................................................................................. 22,500
Cash paid for income taxes................................................................................... 30,000
Cash received from customers ............................................................................... 363,750
Cash paid for merchandise .................................................................................... 189,375
Depreciation expense............................................................................................ 108,750

Required
Prepare a statement of cash flows using the direct method and a note describing non-cash investing and financing activities.



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  • CreatedJanuary 08, 2015
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