Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 8.00

KSG, Inc.

Preparing the statement of cash flows—direct method KSG, Inc., accountants have developed the following data from the company’s accounting records for the year ended June 30, 2012:

  1. Purchase of plant assets, $57,400.
  2. Cash receipt from issuance of notes payable, $48,100.
  3. Payments of notes payable, $45,000.
  4. Cash receipt from sale of plant assets, $23,500.
  5. Cash receipt of dividends, $4,300.
  6. Payments to suppliers, $371,300.
  7. Interest expense and payments, $13,500.
  8. Payments of salaries, $92,000.
  9. Income tax expense and payments, $38,000.
  10. Depreciation expense, $56,000.
  11. Collections from customers, $607,000.
  12. Payment of cash dividends, $45,400.
  13. Cash receipt from issuance of common stock, $65,900.
  14. Cash balance: June 30, 2011, $39,300; June 30, 2012, $125,500.

Requirement

1. Prepare KSG’s statement of cash flows for the year ended June 30, 2012. Use the direct method for cash flows from operating activities.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Aug 2017 08:08 PM My Price 8.00

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