The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: $660,000 Customers Interest on note receivable 12,000 100,000 Collection of note receivable Sale of land Issuance of common stock 40,000 200,000 Cash paid for: Interest on note payable Purchase of equipment Operating expenses 18,000 120,000 440,000 Dividends to shareholders 30,000 Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method.
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC): Cash received from: $660,000 Customers Interest on note receivable 12,000 100,000 Collection of note receivable Sale of land Issuance of common stock 40,000 200,000 Cash paid for: Interest on note payable Purchase of equipment Operating expenses 18,000 120,000 440,000 Dividends to shareholders 30,000 Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):
Cash received from:
$660,000
Customers
Interest on note receivable
12,000
100,000
Collection of note receivable
Sale of land
Issuance of common stock
40,000
200,000
Cash paid for:
Interest on note payable
Purchase of equipment
Operating expenses
18,000
120,000
440,000
Dividends to shareholders
30,000
Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method.
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