The 2022 accounting records of Crane Transport provide the following information. Payment of interest $10,000 Payment of salaries and wages $56,000 Cash sales 49,000 Depreciation expense 15,000 Receipt of dividend revenue 17,000 Proceeds from sale of vehicles 811,000 Payment of income taxes 15,000 Purchase of equipment for cash 21,000 Net income 37,000 Loss on sale of vehicles 2,000 Payment for merchandise 96,000 Payment of dividends 13,000 Payment for land 73,000 Payment of operating expenses 27,000 Collection of accounts receivable 195,000 Prepare the cash flows from operating activities section using the direct method.
The 2022 accounting records of Crane Transport provide the following information. Payment of interest $10,000 Payment of salaries and wages $56,000 Cash sales 49,000 Depreciation expense 15,000 Receipt of dividend revenue 17,000 Proceeds from sale of vehicles 811,000 Payment of income taxes 15,000 Purchase of equipment for cash 21,000 Net income 37,000 Loss on sale of vehicles 2,000 Payment for merchandise 96,000 Payment of dividends 13,000 Payment for land 73,000 Payment of operating expenses 27,000 Collection of accounts receivable 195,000 Prepare the cash flows from operating activities section using the direct method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The 2022 accounting records of Crane Transport provide the following information.
Payment of interest
$10,000
Payment of salaries and wages
$56,000
Cash sales
49,000
Depreciation expense
15,000
Receipt of dividend revenue
17,000
Proceeds from sale of vehicles
811,000
Payment of income taxes
15,000
Purchase of equipment for cash
21,000
Net income
37,000
Loss on sale of vehicles
2,000
Payment for merchandise
96,000
Payment of dividends
13,000
Payment for land
73,000
Payment of operating expenses
27,000
Collection of accounts receivable
195,000
Prepare the cash flows from operating activities section using the direct method.
Transcribed Image Text:CRANE Transport
Statement of Cash Flows-Direct Method
Cash receipts from
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cash payments:
%24
%24
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