The 2014 accounting records of Rogan Transport reveal these transactions and eve

Question

The 2014 accounting records of Rogan Transport reveal these transactions and events.

Prepare the cash flows from operating activities section 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).)

Payment of interest $ 30,450 Payment of salaries and wages $ 161,385 Cash sales 146,160 Depreciation expense 48,720 Receipt of dividend revenue 54,810 Proceeds from sale of vehicles 2,472,540 Payment of income taxes 36,540 Purchase of equipment for cash 66,990 Net income 115,710 Loss on sale of vehicles 9,135 Payment for merchandise 295,365 Payment of dividends 42,630 Payment for land 225,330 Payment of operating expenses 85,260 Collection of accounts receivable 593,775 Rogan Transport Statement of Cash Flows-Direct Method For the Year 2014

Explanation / Answer

ADD Cash received from customers Customers 5,93,775 Cash sales 1,46,160 Total 7,39,935 Less Cash Payments suppliers for merchandise 2,95,365 Payment of salaries and wages 1,61,385 Payment of operating expenses 85,260 for income taxes 36,540 for interest 30,450 Total 6,09,000 cash flows from operating activities section 1,30,935

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