(SOLVED)- Use the following information about the cash flows of Ferron


Question Description:

$19

Use the following information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2017. Use a note disclosure for any noncash investing and financing activities.
Cash and cash equivalents balance, December 31, 2016 . . . . . . . . . . . . . . . . . . . . . $ 40,000
Cash and cash equivalents balance, December 31, 2017 . . . . . . . . . . . . . . . . . . . . . .148,000
Cash received as interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500
Cash paid for salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,500
Bonds payable retired by issuing common stock (no gain or loss on retirement) . . $185,500
Cash paid to retire long-term notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
Cash received from sale of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,250
Cash received in exchange for six-month note payable. . . . . . . . . . . . . . . . . . . . . . . . 35,000
Land purchased by issuing long-term note payable . . . . . . . . . . . . . . . . . . . . . . . . . .105,250
Cash paid for store equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,750
Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Cash paid for other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000
Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 495,000
Cash paid for inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254,500

Answer

$19