Based on the following information, determine the net increase (decrease) in cash for Porter Corporation for the year ended December 31, 2003. Use the direct method to report cash flows from operating activities.
|
Cash received from interest revenue |
$ 14,000 |
|
Cash paid for dividends |
45,000 |
|
Cash collected from customers. |
349,000 |
|
Cash paid for wages |
254,000 |
|
Depreciation expense for the period. |
25,000 |
|
Cash received from issuance of common stock |
200,000 |
|
Cash paid for retirement of bonds at par |
100,000 |
|
Cash received on sale of equipment at book value |
5,000 |
|
Cash paid for land |
85,000 |