Use the income statement of Nebraska Milling Company in Exercise 18-6, plus these additional data: a. Collections
Question:
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:
Prepare Nebraska Milling Company's statement of cash flows for the year ended September 30, \(19 \mathrm{X} 2\), using the indirect method.
Step by Step Answer:
Financial Accounting
ISBN: 9780133118209
2nd Edition
Authors: Charles T. Horngren, Jr. Harrison, Walter T.