The accounting records for Haskins Steel, Inc., for the year ended June 30, 2016, contain the following

Question:

The accounting records for Haskins Steel, Inc., for the year ended June 30, 2016, contain the following information:

a. Purchase of fixed assets for cash, $97,400

b. Proceeds from issuance of common stock, $45,000

c. Payment of dividends, $47,400

d. Collection of interest, $4,500

e. Payment of salaries, $94,000

f. Proceeds from sale of fixed assets, $24,000

g. Collections from customers, $610,500

h. Cash receipt of dividend revenue, $4,900

i. Payments to suppliers, $372,800

j. Depreciation expense, $57,000

k. Proceeds from issuance of long-term notes, $39,100

l. Payments of long-term notes payable, $46,000

m. Interest expense and payments, $11,500

n. Income tax expense and payments, $38,000

o. Cash balances: June 30, 2015, $39,300; June 30, 2016, $60,200

Requirement

Prepare Haskins Steel, Inc.'s statement of cash flows for the year ended June 30, 2016. Use the direct method for cash flows from operating activities?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...