Data for cheng In. are presented in P 17-9A. Further analysis reveals that accounts

Data for cheng In. are presented in.

Cheng Inc.
Comparative Balance Sheets
December 31

Cheng Inc.
Income Statement
For the Year Ended December 31, 2019

Additional information:

New equipment costing $85,000 was purchased for cash during the year.
Old equipment having an original cost of $57,500 was sold for $1,500 cash.
Bonds matured and were paid off at face value for cash.
A cash dividend of $40,350 was declared and paid during the year.

Further analysis reveals that accounts payable pertain to merchandise creditors.

Instructions

Prepare a statement of cash flows for Cheng Inc. using the direct method.

Solution

Cheng Inc.
Statement of Cash Flows (Direct method)
For the Year Ended December 31, 2019

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