The comparative balance sheet of Graphic Design Studio Inc. at June 30, 2017, included these…

The comparative balance sheet of Graphic Design Studio Inc. at June 30, 2017, included these…

The comparative balance sheet of Graphic Design Studio Inc. at June 30, 2017, included these amounts: Transaction data for the year ended June 30, 2017, were: a. Net income, $60,300 b. Depreciation expense on equipment, $13,400 c. Purchased long-term investment, $4,900 d. Sold land for $46,900, including $6,700 loss e. Acquired equipment by issuing long-term note payable, $14,300 f. Paid long-term note payable, $61,000 g. Received cash for issuance of common shares, $3,900 h. Paid cash dividends, $38,100 i. Paid short-term note payable by issuing common shares, $4,700 Requirement Prepare the statement of cash flows of Graphic Design Studio Inc. for the year ended June 30, 2017, using the direct method to report operating activities. Also, prepare the accompanying schedule of non-cash investing and financing activities. All current accounts except short-term notes payable result from operating transactions. The accounting records provide the following: collections from customers, $261,800; interest received, $1,300; payments to suppliers, $133,500; payments to employees, $40,500; payments for income tax, $10,600; payment of interest, $5,300?

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