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Question
The financial statements of Ferguson Company appear below:
The following additional data were provided:
1. Dividends declared and paid were $16,000.
2. During the year equipment was sold for $12,000 cash. This equipment cost $28,000 originally and had a book value of $12,000 at the time of sale.
3. All depreciation expense is in the selling expense category.
4. All sales and purchases are on account.
5. Accounts payable pertain to merchandise suppliers.
6. All operating expenses except for depreciation were paid in cash.
Instructions
Prepare a statement of cash flows for Ferguson Company using the direct method.
Answer
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