Use the following information about the cash flows of Kansas Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2011. Use a note disclosure for any noncash investing and financing activities.
|
Cash and cash equivalents balance, December 31, 2010 |
$ 25,000 |
|
Cash and cash equivalents balance, December 31, 2011 |
70,000 |
|
Cash received as interest |
2,500 |
|
Cash paid for salaries |
72,500 |
|
Bonds payable retired by issuing common stock (no gain or loss on retirement) |
187,500 |
|
Cash paid to retire long term notes payable |
125,000 |
|
Cash received from sale of equipment |
61,250 |
|
Cash received in exchange for six month note payable |
25,000 |
|
Land purchased by issuing long term note payable |
106,250 |
|
Cash paid for store equipment |
23,750 |
|
Cash dividends paid |
15,000 |
|
Cash paid for other expenses |
40,000 |
|
Cash received from customers . |
485,000 |
|
Cash paid for merchandise |
252,500 |