Brief Exercise 4-11 Statement of cash flows; direct method [LO4-8] The following

Question

Brief Exercise 4-11 Statement of cash flows; direct method [LO4-8] The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC); Cash received from: Customere Interest on note receivable Collection of note receivable Sale of land Issuance of common stock $680, 000 14,000 120,000 42,000 220,000 Cash paid for: Interest on note payable Purchase of equipment Operating expenses Dividends to shareholders 20,000 130,000 450,000 32,000 Prepare the cash flows from operating activities section of HHC's statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities: Net cash flows from operating activities

Explanation / Answer

Cash flows from Operating activities: Cash collected from customers 680000 Interest received on notes receivable 14000 Collection from note receivable 120000 Interest paid on notes payable -20000 Payment of operating expense -450000 Net cash provided frm operating activities 344000

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