The accounting staff of Lambert Company has assembled the following information for the year ended December 31, 2015:
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Cash sales
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$825,000
|
|
Credit sales
|
2,500,000
|
|
Collections on accounts receivable
|
2,200,000
|
|
Cash transferred from the money market fund to the general bank account
|
250,000
|
|
Interest and dividends received
|
100,000
|
|
Purchases (all on account)
|
1,800,000
|
|
Payments on accounts payable to merchandise suppliers
|
1,500,000
|
|
Cash payments for operating expenses
|
1,050,000
|
|
Interest paid
|
180,000
|
|
Income taxes paid
|
95,000
|
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Loans made to borrowers
|
500,000
|
|
Collections on loans (excluding receipts of interest)
|
260,000
|
|
Cash paid to acquire plant assets
|
3,100,000
|
|
Book value of plant assets sold
|
660,000
|
|
Loss on sales of plant assets
|
80,000
|
|
Proceeds from issuing bonds payable
|
2,500,000
|
|
Dividends paid
|
120,000
|
|
Cash and cash equivalents, Jan. 1
|
512,000
|
Prepare a statement of cash flows. Use the direct method of reporting cash flows from operating activities. (List any deduction in cash and cash outflows as negative amounts.)