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Preparation of statement of cash flow statement using direct method
San Garza Properties has been in business for many years. On December 31, 2006, the firm's cash balance was $9,121. During January of 2007, the 14 events on the following page were recorded in the company's accounting system.
Assets
=
Liabilities
+
Owner's Equity
Date
Accounts
Cash
Other Assets
Contributed Capital
Retained Earnings
1
18,000
Bank Loan Payable
2
Rent Expense
(3000)
3
Office Furniture
5,500
(5,500)
4
Merchandise
9,000
Accounts Payable
5
10,000
Common stock
6
Adverting Receivable
(2,200)
7
Accounts Receivable
Sales Revenue
8
(7,500)
Costs of Goods Sold
9
8,100
(8,100)
10
(7,000)
11
Computer Equipment
4,800
(4,800)
12
Wages Expense
(1,400)
Wages Payable
1,400
13
Dividends
(2,000)
14
(5,000)
Interest Expense
(5,135)
(135)
Ending Amounts
$6,465
$21,700
$16,400
$10,000
$1,765
Required: Prepare a statement of cash flows for the month of January 2007. Use good form and the direct format.
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