145 as the accountant at o 39 donnell industries you are responsible for preparing t 4305881

145 as the accountant at o 39 donnell industries you are responsible for preparing t 4305881

145) As the accountant at O'Donnell Industries, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the direct method and have gathered the following data from the accounting records:

Payment of long-term debt$200,000

Collections on accounts receivable210,600

Acquisition of equipment by issuing

         long-term note payable85,000

Interest revenue14,500

Credit sales 392,700

Loan collections47,400

Cash received from sale of investments,

        including $4,200 gain 36,100

Salary expense103,800

Cash payments to purchase property, plant, and equipment76,000

Cost of goods sold417,300

Collection of interest revenue13,700

Payment of cash dividends48,500

Income tax expense and payments39,200

Cash received from sale of property, plant, and equipment,

         including $6,900 loss 31,800

Cash receipt of dividend revenue19,300

Payments of salaries94,100

Amortization expense72,400

Cash sales 203,900

Cash received from issuance of common shares300,000

Loan to another company75,000

Interest expense and payments60,400

Bonds payable converted into common shares250,000

Payments to suppliers294,700

Cash balance: December 31, 200955,500

Cash balance: December 31, 201030,400

Prepare the cash flow statement for the year ended December 31, 2010, using the direct method, and include a schedule of noncash investing and financing activities if necessary.

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