Use the following calendar-year information to prepare Ibrahim Company's statement of cash flows using the...
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Accounting
Use the following calendar-year information to prepare Ibrahim Company's statement of cash flows using the direct method: (4 Points)
| Cash paid to purchase machinery | $ 124,000 |
| Cash paid for merchandise inventory | 220,000 |
| Cash paid for operating expenses | 280,000 |
| Cash paid for interest | 4,000 |
| Cash received for interest | 10,000 |
| Cash proceeds from sale of land | 100,000 |
| Cash balance at beginning of year | 15,000 |
| Cash balance at end of year | 77,000 |
| Cash borrowed on a short-term note | 25,000 |
| Cash dividends paid | 24,000 |
| Cash received from stock issuance | 57,000 |
| Cash collections from customers | 522,000 |
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