Use the following information about the calendar-year cash flows of MacArthur Company to prepare a statement of cash flows (direct method) and a schedule of noncash investing and financing activities.
Cash and cash equivalents beginning year balance ...............................$18,000
Cash and cash equivalent, year-end balance ............................................78,750
Cash payments for merchandise inventory...............................................75,750
Cash paid for store equipment .................................................................15,750
Cash borrowed on three-month note payable ..........................................22,500
Cash dividend paid .................................................................................12,000
Cash paid for salaries ................................................................................39000
Cash payments for other operating expenses ...........................................48,000
Building purchased and financed by long term note payable ..................78,000
Cash received from customers ................................................................220,500
Cash interest received ..................................................................................8250