Preparing the statement of cash flows—direct method [45–60 min]
To prepare the statement of cash flows, accountants for E-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:
| Beginning balance | 87,200 | Payments of operating expenses | 46,800 |
| Issuance of common stock | 60,200 | Payments of salaries and wages | 64,500 |
| Receipts of interest revenue | 16,100 | Payment of note payable | 79,000 |
| Collections from customers | 308,400 | Payment of income tax | 7,500 |
| Payments on accounts payable | 101,600 | ||
| Payments of dividends | 1,400 | ||
| Payments of interest | 21,700 | ||
| Purchase of equipment | 49,500 | ||
| Ending balance | 99,900 |
Requirement
1. Prepare E-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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