Willets Wholesale Corp

Willets Wholesale Corp.'s 2014 single step income statement and comparative balance sheet are provided below:
Additional information:
1. No new long-term debt was taken during the year.
2. New equipment was purchased, and none was sold.
3. Common shares were issued for cash.
4. Cash dividends were paid to common shareholders.
5. All operating expenses were paid in the period incurred.
Instructions
Prepare the cash flow statement for 2014, using the direct method.

Correct Answer:

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