The Ladies Store presented the statement of cash flows for the year ended December 31, 2002, shown below.
| THE LADIES STORE | |
| Cash received: | |
| From sales to customers | $150,000 |
| From sales of bonds | 100,000 |
| From issuance of notes payable | 40,000 |
| From interest on bonds | 5,000 |
| Total cash received | 295,000 |
| Cash payments: | |
| For merchandise purchases | 110,000 |
| For purchase of truck | 20,000 |
| For purchase of investment | 80,000 |
| For purchase of equipment | 45,000 |
| For interest | 2,000 |
| 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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