The income statement and additional data of Seacrest Services, Inc., follow: Additional data follows: a. Collections from

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The income statement and additional data of Seacrest Services, Inc., follow:

The income statement and additional data of Seacrest Services, Inc.,

Additional data follows:
a. Collections from customers are $17,000 more than sales.
b. Payments to suppliers are the sum of cost of goods sold plus advertising expense.
c. Payments to employees are $14,000 more than salaries expense.
d. Dividend revenue, interest expense, and income tax expense equal their cash amounts.
e. Acquisition of fixed assets for cash is $105,000.
f. Proceeds from sale of land total $28,000.
g. Proceeds from issuance of common stock for cash total $34,000.
h. Payment of long-term note payable is $17,000.
i. Payment of dividends is $11,000.
j. Cash balance, September 30, 2011, was $24,000.

Requirement
1. Prepare Seacrest Services€™ statement of cash flows for the year ended September 30, 2012. Use the directmethod.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0133052152

2nd edition

Authors: Robert Kemp, Jeffrey Waybright

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