The following information is available for Taliaferro Corp. for 2014. Prepare a

Question

The following information is available for Taliaferro Corp. for 2014.

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Cash used to purchase treasury stock $ 60,077 Cash dividends paid 27,228 Cash paid for interest 27,978 Net income 579,911 Sales revenue 1,001,698 Cash paid for taxes 123,651 Cash received from customers 707,059 Cash received from sale of building (at book value) 246,802 Cash paid for operating expenses 96,173 Beginning cash balance 13,739 Cash paid for goods and services 348,596 Cash received from issuing common stock 443,395 Cash paid to redeem bonds at maturity 249,800 Cash paid to purchase equipment 141,387 The following information is available for Taliaferro Corp. for 2014.

Explanation / Answer

DIRECT METHOD PARTICULARS AMOUNT AMOUNT Operating activities Cash received from customers 707,059 less: Cash paid for goods and services 348596 Cash paid for operating expenses 96173 Cash paid for taxes 123651 Cash from operating activities 138,639 Investing Activities Cash paid to purchase equipment -141387 Cash received from sale of building (at book value) 246802 Cash from investing 105415 Financing Activities Cash received from issuing common stock 443395 Cash used to purchase treasury stock -60077 Cash dividends paid -27228 Cash paid for interest -27978 Cash paid to redeem bonds at maturity -249800 Cash from financing activities 78312 Cash from all the activities 244054 Beginning cash balace 13739 Closing ash balance 257793

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