Major Company has the following calendar-year information: Cash paid for merchandise inventory...$220,000 Cash paid for...
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Accounting
Major Company has the following calendar-year information:
Cash paid for merchandise inventory...$220,000
Cash paid for interest on notes payable.........5,000
Cash received from sale of land............100,000
Cash paid for principal on notes payable.........15,000
Cash paid for operating expenses........280,000
Cash paid to purchase equipment..........125,000
Cash received from customers........535,000
Cash received from stock issuance...............50,000
Cash borrowed on a long-term note payable...........25,000
Cash paid for dividends to shareholders...........55,000
Cash balance at beginning of year...................30,000
Cash balance at end of year................40,000
Required: Prepare a COMPLETE statement of cash flows for Major Company using the direct method. Be sure to show cash inflows as positive amounts and cash outflows as negative amounts. (20 points possible)
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