prepare i m mobile rsquo s statement of cash flows for the year ended december 31 20 552746
Preparing the statement of cash flows—direct method
To prepare the statement of cash flows, accountants for I-M-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:
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prepare i m mobile rsquo s statement of cash flows for the year ended december 31 20 552746
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|
Cash |
|||
|
Beginning balance |
87,900 |
Payments of operating expenses |
46,200 |
|
Issuance of common stock |
60,700 |
Payments of salaries and wages |
64,500 |
|
Receipts of interest revenue |
15,600 |
Payment of note payable |
78,000 |
|
Collections from customers |
308,700 |
Payment of income tax |
8,000 |
|
Payments on accounts payable |
101,200 |
||
|
Payments of dividends |
1,200 |
||
|
Payments of interest |
21,400 |
||
|
Purchase of equipment |
56,500 |
||
|
Ending balance |
95,900 |
||
Requirement
1. Prepare I-M-Mobile’s statement of cash flows for the year ended December 31, 2012, using the direct method to report operating activities.
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