Mason Interiors began the year with cash of $55,000 During the year, Mason Interiors eamed service revenue of $400.000 Cash collections for the year were $400.000. Expenses for the year were $355,000, with $340,000 of that total paid in cash. The company also used cash to purchase equipment for $95.000 and to pay a cash dividend to stockholders of $28,000. During the year, the company also bomowed $44.000 cash by issuing a long-term note payable Requirement Prepare the company's statement of cash flows using the direct method. Prepare the statement one section at a time (Use parentheses or a minus sign for numbers to be subtracted, net cash outfows, and decreases in cash) Mason Interiors Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net cash provided by (used for) operating activities
Mason Interiors began the year with cash of $55,000 During the year, Mason Interiors eamed service revenue of $400.000 Cash collections for the year were $400.000. Expenses for the year were $355,000, with $340,000 of that total paid in cash. The company also used cash to purchase equipment for $95.000 and to pay a cash dividend to stockholders of $28,000. During the year, the company also bomowed $44.000 cash by issuing a long-term note payable Requirement Prepare the company's statement of cash flows using the direct method. Prepare the statement one section at a time (Use parentheses or a minus sign for numbers to be subtracted, net cash outfows, and decreases in cash) Mason Interiors Statement of Cash Flows (Direct Method) For the Year Ended December 31 Operating Activities: Net cash provided by (used for) operating activities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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