As the accountant at Soil Test Corporation, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the direct method and have gathered together the following data from the accounting records:
Payments of non-current debt $220,000
Collections on accounts receivable 215,600
Acquisition of equipment by issuing non-current
note payable 90,000
Interest revenue 15,600
Credit sales 350,600
Loan collections 48,200
Proceeds from sale of investments, not including
$4,200 gain 38,200
Salary expense 105,700
Cash payments to purchase capital assets 72,000
Cost of goods sold 425,000
Collection of interest revenue 15,500
Payment of cash dividends 36,200
Income tax expense and payments 41,500
Proceeds from sale of capital assets, not including
$7,200 loss 32,500
Cash receipt of dividend revenue 20,200
Payment of salaries 95,600
depreciation expense 72,500
Cash sales 208,000
Proceeds from issuance of common shares 350,000
Loan to another company 50,000
Interest expense and payments 61,000
Bonds payable converted into common shares 250,000
Payments to suppliers 285,000
Cash balance: December 31, 2013 55,500
Cash balance: December 31, 2014 122,400
Prepare the cash flow statement for the year ended December 31, 2014 using the direct method under ASPE and including a schedule of noncash investing and financing activities, if necessary.