Compute a statement of cash flows using the direct method

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Reference no: EM13939694

PREPARING NET CASH FLOWS FROM OPERATING ACTIVITIES-DIRECT METHOD

Yogurt Plus, a restaurant, collected the following information on inflows and outflows for 2009:

Inflows Sales (all for cash)	$379,000
Cash received from sale of common stock	50,000
Proceeds from issuance of long-term notes payable	40,000
Proceeds from sale of used restaurant fixtures	13,000
Proceeds from issuance of short-term note payable	35,000
Notes payable issued in exchange for kitchen equipment	30,000
Outflows
Cash payments made for merchandise sold	$203,000
Cash payments for operating expenses	125,000
Cash payments for interest	22,000
Cash payments for income taxes	8,000
Purchase of restaurant fixtures for cash	105,000
Principal payment on mortgage	35,000
Payment of dividends	6,000
Cost of kitchen equipment acquired in exchange for note payable	30,000

Yogurt Plus had a cash balance of $21,800 at 1/1/09.

Required:

Prepare a statement of cash flows, using the direct method to determine net cash flow from operating activities.

Reference no: EM13939694

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