Prepare a statement of cash flows

Reference no: EM131065276

The accounting staff of Lambert Company has assembled the following information for the year ended December 31, 2015:

Cash sales	$825,000
Credit sales	2,500,000
Collections on accounts receivable	2,200,000
Cash transferred from the money market fund to the general bank account	250,000
Interest and dividends received	100,000
Purchases (all on account)	1,800,000
Payments on accounts payable to merchandise suppliers	1,500,000
Cash payments for operating expenses	1,050,000
Interest paid	180,000
Income taxes paid	95,000
Loans made to borrowers	500,000
Collections on loans (excluding receipts of interest)	260,000
Cash paid to acquire plant assets	3,100,000
Book value of plant assets sold	660,000
Loss on sales of plant assets	80,000
Proceeds from issuing bonds payable	2,500,000
Dividends paid	120,000
Cash and cash equivalents, Jan. 1	512,000

Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)

Reference no: EM131065276

Questions Cloud

Equilibrium with required return equal to expected return : Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simpkins to begin paying dividends, with the first dividend of $1.25 coming 3 years from today. what is..

What are motivators-barriers and enablers of sustainability : What are the motivators, barriers and enablers (facilitators) of social sustainability for the suppliers, employee, hospital and community of the hospital.

Considering four-year project to production efficiency : Warmack Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $390,000 is estimated to result in $150,000 in annual pretax cost savings. The press also requires an initial investment in s..

How many months will it take for facebook to grow its user : How many months will it take for Facebook to grow its user base to two billion users?

Prepare a statement of cash flows : The accounting staff of Lambert Company has assembled the following information for the year ended December 31, 2015: Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities

What is the price and bond equivalent yield : A Treasury bill that settles on May 18, 2012, pays $100,000 on August 21, 2012. Assuming a discount rate of .48 percent, what is the price and bond equivalent yield?

Calculate the monthly payment on mortgage : Consider a mortgage borrower who wants to buy a house at the price $280? 000. The bank offers the following mortgage: Mortgage A: required down payment: length of the mortgage: fixed mortgage rate: payment frequency: Calculate the monthly payment on ..

Why highly emotional performance of country blues singers : Why was the highly emotional performance of country blues singers so different than what white teenagers were used to?

Company to make an after-tax operating profit : Company produces one type of sunglasses with the following costs and revenues for the year: What quantity of units is required for PJ Company to make an after-tax operating profit of $1,200,000 for the year?

User Account

All Pages