The Following Information Was Obtained from the Champion Company for the Year

question 154

Essay

The following information was obtained from the Champion Company for the year ending 31 December 2014.
$\begin{array}{|l|r|}\hline \text { Cash paid to suppliers } & \$ 289,000 \\\hline \text { Ordinary share issued } & \$ 81,000 \\\hline \text { Equipment purchased } & \$ 58,000 \\\hline \text { Interest paid } & \$ 10,500 \\\hline \text { Cash receipts from customers } & \$ 936,000 \\\hline \text { Tax paid } & \$ 28,000 \\\hline \text { Proceeds from long-term bor rowing } & \$ 116,000 \\\hline \text { Collections of loans made } & \$ 17,000 \\\hline \text { Interest received } & \$ 16,000 \\\hline \text { Proceeds from sale of equipment } & \$ 24,000 \\\hline \text { Dividends paid } & \$ 4,600 \\\hline \text { Loans made to borrowers } & \$29,000 \\\hline \text { Cash and cash equivalents, 1 Jan 2014 } & \$ 1,781,000 \\\hline \text { Cash and cash equivalents, 31 December } 2014 & \$ 2,551,900 \\\hline\end{array}$ Using the direct method, prepare a statement of cash flows.