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The income statement and unclassified statement of financial position for Sandhill, Inc follow SANDHILL, INC. Statement of FiSANDHILL,INC. Income Statement Year Ended December 31,2018 Sales Cost of goods sold Gross profit Operating expenses Income frSANDH1Щ, INC. Statement of Cash Flows-Direct Method Cash PaymentsNote Xto the Statement of Cash Flows: During the year, the company purchased equipment costing $ $23,700 cash and issuing a $

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Answer #1
SANDHILL INC
Statement of Cash flows - Direct Method
For the Year Ended December 31, 2018
Cash flows from operating activities
Cash received from customers $   535,700 571200+40000-75500
Cash payments
Cash paid to suppliers $ (193,600) 189300+75700-100000+123100-94500
Cash paid for operating expenses $   (51,980) 116480+7200-12000+18800-27200-4700-46600
Cash paid for interest   $      (4,780)
Income taxes paid $   (43,000)
$ (293,360)
Net cash provided by operating activities $   242,340
Cash flows from investing activities
Cash paid for purchase of equipment $   (23,700)
Cash received from sale of equipment $        1,700
Net cash used by investing activities $   (22,000)
Cash flows from financing activities
Dividend payments $ (102,140) 244000-233640-112500
Cash paid for repayment of bank loan $ (173,600) 60000-175300-58300
Cash received from issue of common stock $   105,000 260000-155000
Net cash used by financing activities $ (170,740)
Net Increase in cash and cash equivalents $      49,600
Cash and cash equivalents at beginning of period $      48,000
Cash and cash equivalents at end of period $      97,600

Company purchased equipment costing 82,000 by paying 23,700 cash and issuing 58,200 bank loan

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