Middleton Spas provides the following data for the year just ended on December 31. Requirement Prepare the
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Requirement
Prepare the operating activities section of Middleton Spas' statement of cash flows for the year just ended, using the direct method for operating cash flows.
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Payment of long-term note payable. Depreciation expense Purchase of equipment with cash. Purchase of treasury stock Gain on sale of land . Cost of goods sold.. Proceeds from issuance of common stock.. Beginning balance, cash . $ 4,000 $ 4,400 Payments to employees. Proceeds from sale of land. Payment of dividends. Payments to suppliers.. Increase in salaries payable. Payment of income tax $ 64,000 $ 40,500 $ 9,500 $ 11,000 $ 12,500 $ 65,000 $ 1,000 $ 12,000 $ 9,500 $108,000 Collections from customers... $ 12,500 $153,000 Sales revenue $ 15,000 $167,000
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