The 2020 accounting records of Blocker Transport reveal these transactions and events. Payment of interest $10,500 Collection of accounts receivable $190,100 Cash sales 49,000 Payment of salaries and wages 56,900 Receipt of dividend revenue 18,800 Depreciation expense 16,200 Payment of income taxes 15,500 Proceeds from sale of vehicles 12,900 Net income 38,900 Purchase of equipment for cash 22,900 Payment of accounts payable Loss on sale of vehicles 2,400 for merchandise 114,100 Payment of dividends 14,100 Payment for land 74,500 Payment of operating expenses 27,600 Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)
The 2020 accounting records of Blocker Transport reveal these transactions and events. Payment of interest $10,500 Collection of accounts receivable $190,100 Cash sales 49,000 Payment of salaries and wages 56,900 Receipt of dividend revenue 18,800 Depreciation expense 16,200 Payment of income taxes 15,500 Proceeds from sale of vehicles 12,900 Net income 38,900 Purchase of equipment for cash 22,900 Payment of accounts payable Loss on sale of vehicles 2,400 for merchandise 114,100 Payment of dividends 14,100 Payment for land 74,500 Payment of operating expenses 27,600 Prepare the cash flows from operating activities section using the direct method. (Not all of the items will be used.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The 2020 accounting records of Blocker Transport reveal these transactions and events.
| Payment of interest | $10,500 | Collection of accounts receivable | $190,100 | |||
| Cash sales | 49,000 | Payment of salaries and wages | 56,900 | |||
| Receipt of dividend revenue | 18,800 | 16,200 | ||||
| Payment of income taxes | 15,500 | Proceeds from sale of vehicles | 12,900 | |||
| Net income | 38,900 | Purchase of equipment for cash | 22,900 | |||
| Payment of accounts payable | Loss on sale of vehicles | 2,400 | ||||
| for merchandise | 114,100 | Payment of dividends | 14,100 | |||
| Payment for land | 74,500 | Payment of operating expenses | 27,600 |
Prepare the
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