The accounting records of Flypaper Airlines Inc. reveal the following transactions and events for the year ended
Question:
Additional information:
Flypaper Airlines' cash on April 1, 2013, was $35,000.
Instructions
Assuming Flypaper reports under ASPE, prepare a cash flow statement using the direct method.
Transcribed Image Text:
Payment of interest Cash sales Receipt of dividend revenue Payment of income tax Profit Payment of accounts payable Payment for land Collection of accounts receivable Common shares issued in exchange for land $ 8,000 53,000 14,000 7,500 38,000 110,000 174,000 201,000 35,000 Payment of salaries Depreciation expense Proceeds from sale of aircraft Purchase of equipment for cash Loss on sale of aircraft Payment of dividends Payment of operating expenses Net receipts for trading investments 51,000 16,000 212,000 22,000 3,000 14,000 28,000 5,600
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Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
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