The 2012 accounting records of Liz Ten Transport reveal the following transactions and events. Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)
Payment of interest
$10,000
Collection of accounts receivable
$182,000
Cash sales
48,000
Payment of salaries and wages
53,000
Receipt of dividend revenue
18,000
Depreciation expense
16,000
Payment of income taxes
12,000
Proceeds from sale of vehicles
12,000
Net income
38,000
Purchase of equipment for cash
22,000
Payment of accounts payable for merchandising
115,000
Payment of dividends
14,000
Payment for land
74,000
Payment of operating expenses
28,000
Problem 2:
An inexperienced accountant for Nerys Corporation showed the following in the income statement: income before income taxes and extraordinary item $400,000, and extraordinary loss from flood (before taxes) $70,000. The extraordinary loss and taxable income are both subject to a 30% tax rate. Prepare a correct income statement.
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