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Answer questions A-G Prepare the cash flows from operating activities section only...

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Accounting

imageAnswer questions A-G
Prepare the cash flows from operating activities section only of company's 2015 statement of cash flow using the indirect method. Prepare the cash flows from operating activities section only of the company's 2015 statement of cash flows using the direct method. Gazelle Corporation, a merchandiser, recently completed its calendar year 2015 operations. For the year, all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers, all purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, and Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income follow. The loss on the cash sale of equipment was $2, 100 (details in b). Sold equipment costing $ 51,000, with accumulated depreciation of $22, 850, for $26, 050 cash. Purchased equipment costing $ 113, 250 by paying $43, 250 cash and signing a long-term note payable for the balance. Borrowed $5,000 cash by signing a short-term note payable. Paid $47, 500 cash to reduce the long-term notes payable. Issued 3,000 shares of common stock for $15 cash per share. Declared and paid cash dividends of $53, 600

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