E13-13 The 2011 accounting records

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*E13-13 The 2011 accounting records of Verlander Transport reveal these transactions and events.

 

Payment of interest $ 10,000 Collection of accounts receivable $182,000

Cash sales 48,000 Payment of salaries and wages 53,000

Receipt of dividend revenue 18,000 Depreciation expense 16,000

Payment of income taxes 12,000 Proceeds from sale of vehicles 12,000

Net income 38,000 Purchase of equipment for cash 22,000

Payment of accounts payable Loss on sale of vehicles 3,000

for merchandise 115,000 Payment of dividends 14,000

Payment for land 74,000 Payment of operating expenses 28,000

 

Instructions

Prepare the cash flows from operating activities section using the direct method. (Not all of the

 

items will be used.)

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