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:
| 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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