Use the income statement of Nebraska Milling Company in Exercise 18-6, plus these additional data: a. Collections

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Use the income statement of Nebraska Milling Company in Exercise 18-6, plus these additional data:

a. Collections from customers are \(\$ 7,000\) more than sales.

b. Payments to suppliers are \(\$ 9,000\) less than the sum of cost of goods sold plus advertising expense.

c. Payments to employees are \(\$ 1,000\) more than salary expense.

d. Dividend revenue, interest expense, and income tax expense equal their cash amounts.

e. Acquisition of plant assets is \(\$ 116,000\). Of this amount, \(\$ 101,000\) is paid in cash, \(\$ 15,000\) by signing a note payable.

f. Proceeds from sale of land, \(\$ 14,000\).

g. Proceeds from issuance of common stock, \(\$ 30,000\).

h. Payment of long-term note payable, \(\$ 15,000\).

i. Payment of dividends, \(\$ 11,000\).

j. Increase in cash balance, \(\$\) ?

k. From the balance sheet:

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Prepare Nebraska Milling Company's statement of cash flows for the year ended September 30, \(19 \mathrm{X} 2\), using the indirect method.

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Financial Accounting

ISBN: 9780133118209

2nd Edition

Authors: Charles T. Horngren, Jr. Harrison, Walter T.

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