Question: The income statement and additional data of Seacrest Services Inc

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

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.

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

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  • CreatedApril 29, 2014
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