Statement of Cash Flows: Direct Method The following information is for Leer Company: Payments of interest, $5,000 Depreciation expense, $22,700 Receipt from sale of land, $3,100 Payments of income taxes, $6,200 Beginning cash balance, $16,500 Decrease in receivables, $7,400 Interest and dividends collected, $6,300 Payments of dividends, $5,200 Decrease in accounts payable, $8,600 Payments to suppliers and employees, $50,300 Receipt from issuance of common stock, $11,000 Collections from customers, $61,700 Payment for purchase of investments, $17,800 Net income, $73,400 Instructions: Using the direct method for operating cash flows, prepare Leer’s statement of cash flows. You must enter subtractive or negative numbers use a minus sig
Statement of Cash Flows: Direct Method The following information is for Leer Company: Payments of interest, $5,000 Depreciation expense, $22,700 Receipt from sale of land, $3,100 Payments of income taxes, $6,200 Beginning cash balance, $16,500 Decrease in receivables, $7,400 Interest and dividends collected, $6,300 Payments of dividends, $5,200 Decrease in accounts payable, $8,600 Payments to suppliers and employees, $50,300 Receipt from issuance of common stock, $11,000 Collections from customers, $61,700 Payment for purchase of investments, $17,800 Net income, $73,400 Instructions: Using the direct method for operating cash flows, prepare Leer’s statement of cash flows. You must enter subtractive or negative numbers use a minus sig
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Statement of
The following information is for Leer Company:
- Payments of interest, $5,000
Depreciation expense, $22,700- Receipt from sale of land, $3,100
- Payments of income taxes, $6,200
- Beginning cash balance, $16,500
- Decrease in receivables, $7,400
- Interest and dividends collected, $6,300
- Payments of dividends, $5,200
- Decrease in accounts payable, $8,600
- Payments to suppliers and employees, $50,300
- Receipt from issuance of common stock, $11,000
- Collections from customers, $61,700
- Payment for purchase of investments, $17,800
- Net income, $73,400
Instructions:
Using the direct method for operating cash flows, prepare Leer’s statement of cash flows. You must enter subtractive or negative numbers use a minus sign.
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