Computing cash flow items—direct method
Superb Mobile Homes reported the following in its financial statements for the year ended December 31, 2012:
| 2012 | 2011 | |
| Income Statement | ||
| Net sales | $ 25,118 | $ 21,115 |
| Cost of sales | 18,088 | 15,432 |
| Depreciation | 273 | 232 |
| Other operating expenses | 4,411 | 4,283 |
| Income tax expense | 536 | 481 |
| Net income | $ 1,810 | $ 687 |
| Balance Sheet | ||
| Cash and cash equivalents | $ 15 | $ 13 |
| Accounts receivable | 799 | 619 |
| Inventories | 3,489 | 2,839 |
| Property and equipment, net | 4,346 | 3,436 |
| Accounts payable | 1,544 | 1,364 |
| Accrued liabilities | 941 | 853 |
| Long-term liabilities | 479 | 468 |
| Common stock | 671 | 443 |
| Retained earnings | 5,014 | 3,779 |
Requirement
1. Determine the following for Superb Mobile Homes during 2012:
a. Collections from customers.
b. Payments for inventory.
c. Payments of operating expenses.
d. Acquisitions of property and equipment (no sales of property during 2012).
e. Borrowing, with Superb paying no long-term liabilities.
f. Cash receipt from issuance of common stock.
g. Payment of cash dividends.
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