Reference no: EM132736127
Question: During 2021, McBride Distributors Inc. had the following transactions and events:
Accounts payable paid $199,300
Accounts receivables collected 479,700
Depreciation expense 13,500
Cash, January 1, 2021 82,000
Cash, December 31, 2021 23,500
Cash sales 90,000
Interest paid on mortgage payable 16,000
Income taxes paid 4,800
Inventory purchased on credit 207,400
Issued a long-term note payable 240,000
Profit for the year 82,200
Operating expenses paid 72,000
Principal payments made on mortgage payable 8,500
Proceeds on sale of used equipment 2,500
Purchased a new building 384,000
Salaries and wages paid 186,100
Signed operating lease, annual payments will be 45,000
Stock dividend declared 46,000
Instructions: Prepare McBride's cash flow statement for the year ended December 31, 2021, using the direct method.