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Can you please show me the solution step by step and also included the whole calculation ; i need to understand the solution to solve another one on my own ,
Income Statement Data December 31 2007
Revenue
Net Sales
2850000
Dividend Income
104000
Interest Income
70000
Gain on Sales of Marketable Securities
4000
Total Revenue and Gains
3028000
Cost And Expenses
COGS
1550000
Operationg Expense
980000
Interest Expense
185000
Income Tax Expense
90000
Total costs and expenses
2805000
Net Income
223000
Selected Account Balances
End Of Year
Beginning Of Year
Accounts Receivable
650000
720000
Accrued interest receivable
9000
6000
Inventories
800000
765000
Short term prepayments
20000
15000
Accounts payable ( Merchandise suppliers)
570000
562000
Accrued Operating Expense Payable
65000
94000
Accrued Interest Payable
21000
12000
Accrued Income Tax Payable
22000
35000
Additional Information
1.Dividend revenue is recognized on the cash basis.All other income statement amounts are recognized on the accrual basis.
2.Operating expenses include deppreciation expense of 115000
Instructions
Prepare a partial statement of cash flows, including only the operating activities section of the statement and using direct method.
Place brackets around numbers representing cash payments.Show supporting computations for the following;
1.Cash received from customers
2.Interest and dividends received
3.Cash paid to suppliers
4.Cash paid for operating expenses
5.Interest Paid
6.Income Taxes Paid
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