the ladies store presented the statement of cash flows for the year ended december 3 544524
The Ladies Store presented the statement of cash flows for the year ended December 31, 2002, shown below.
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the ladies store presented the statement of cash flows for the year ended december 3 544524
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THE LADIES STORE |
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Cash received: |
|
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From sales to customers |
$150,000 |
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From sales of bonds |
100,000 |
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From issuance of notes payable |
40,000 |
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From interest on bonds |
5,000 |
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Total cash received |
295,000 |
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Cash payments: |
|
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For merchandise purchases |
110,000 |
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For purchase of truck |
20,000 |
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For purchase of investment |
80,000 |
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For purchase of equipment |
45,000 |
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For interest |
2,000 |
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For income taxes |
15,000 |
|
Total cash payments |
272,000 |
|
Net increase in cash |
$ 23,000 |
Note: Depreciation expense was $15,000.
Required a. Prepare a statement of cash flows in proper form.
b. Comment on the major flows of cash.
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