Question: The accounting records for L Lee Associates Inc for the

The accounting records for L. Lee Associates, Inc. for the year ended April 30, 2014, contain the following information:
a. Purchase of plant assets, $55,400
b. Proceeds from issuance of common shares, $45,000
c. Payment of dividends, $44,400
d. Collection of interest, $8,500
e. Payments of salaries, $93,600
f. Proceeds from sale of plant assets, $27,000
g. Collections from customers, $630,000
h. Cash receipt of dividend revenue, $4,600
Prepare L. Lee Associates’ cash flow statement for the year ended April 30, 2014. Use the direct method for cash flows from operating activities.

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