Response to the following problem:
Prepare the statement of cash flows-direct method
Lane's Furniture Gallery, Inc., provided the following data from the company's records for the year ended March 31, 2015:
a. Credit sales, $606,400
b. Loan to another company, $11,300
c. Cash payments to purchase plant assets, $92,100
d. Cost of goods sold, $294,200
e. Proceeds from issuance of common stock, $8,500
f. Payment of cash dividends, $45,500
g. Collection of interest, $4,900
h. Acquisition of equipment by issuing short-term note payable, $24,200
i. Payments of salaries, $97,000
j. Proceeds from sale of plant assets, $21,800, including $6,400 loss
k. Collections on accounts receivable, $416,000
l. Interest revenue, $4,000
m. Cash receipt of dividend revenue, $4,500
n. Payments to suppliers, $386,400
o. Cash sales, $170,200
p. Depreciation expense, $48,000
q. Proceeds from issuance of note payable, $25,000
r. Payments of long-term notes payable, $60,400
s. Interest expense and payments, $13,400
t. Salary expense, $94,200
u. Loan collections, $12,500
v. Proceeds from sale of investments, $17,900, including $2,400 gain
w. Payment of short-term note payable by issuing long-term note payable, $56,000
x. Amortization expenses, $6,600
y. Income tax expense and payments, $38,000
z. Cash balance: March 31, 2014, $101,000; March 31, 2015, $38,200