Question

The income statement and additional data of Specialized Services, Inc. follow:
Additional data follow:
a. Collections from customers are $15,000 more than sales.
b. Payments to suppliers are the sum of cost of goods sold plus advertising expense.
c. Payments to employees are $2,000 more than salary expense.
d. Dividend revenue, interest expense, and income tax expense equal their cash amounts.
e. Acquisition of plant assets for cash is $101,000.
f. Proceeds from sale of land total $24,000.
g. Proceeds from issuance of common shares for cash total $30,000.
h. Payment of long-term note payable is $15,000.
i. Payment of dividends is $11,000.
j. Cash balance, June 30, 2013, was $20,000.
Requirement
Prepare Specialized Services’ cash flow statement for the year ended June 30, 2014. Use the direct method.


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  • CreatedJuly 08, 2015
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