Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please help me. I'm at a total loss. Thanks in advance. The income statement and additional data of Healthy Living Plus, Inc follow

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Can you please help me. I'm at a total loss. Thanks in advance.

The income statement and additional data of Healthy Living Plus, Inc follow (Click the icon to view the income statement) (Click the icon to view the additional data.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Transaction Analysis Balance 9/30/2017 Balance 9/30/2018 Panel A-Balance Sheet: DEBIT CREDIT $ 230,000 98,000 Cash Accounts Receivable Merchandise Inventory Plant Assets 36,000 54,000 84,000 80,000 L Healthy Living Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense $ 58,000 Depreciation Expense-Plant Assets 24.000 40,000 38,000 92.000 202,000 132,000 Accumulated Depreciation-Plant Assets (56,000) 54,000 82,000 (32,000) 76,000 298,000 Land Total Operating Expenses Net Income Before Income Taxes 370,000 Total Assets 50,000 10,000 Income Tax Expense 40,000 Net Income Accounts Payable Accrued Liabilities 23,000 25,000 16 000 N1 35,000 16,000 17 000 Print Done Choose from any list or enter any number in the input fields and then click Check Answer 14B-31 (similar to) The income statement and additional data of Healthy Living Plus, Inc. follow: (Click the icon to view the income statement) (Click the icon to view the additional data.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Notes Payable 16,000 17,000 Total Liabilities 64,000 68,000 Common Stock, no par Retained Earnings Total Liabilities and Stockholders' Equity 10,000 224,000 298,000 45,000 257,000 $ 370,000 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: E14B-31 (similar to) The income statement and additional data of Healthy Living Plus, Inc. follow: E: (Click the icon to view the income statement. (Click the icon to view the additional data.) Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Net Cash Used for Investing Activities Cash Flows from Financing Activities: Net Cash Used for Financing Activities Choose from any list or enter any number in the input fields and then click Check Answer. Net Cash Used for Financing Activities Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities 92) Total i More Info a. Acquisition of plant assets is $122,000. Of this amount, $105,000 is paid in cash and $17,000 by signing a note payable. b. Cash receipt from sale of land totals $22,000. There was no gain or loss. c. Cash receipts from issuance of common stock total $35,000. d. Payment of note payable is $16,000. e. Payment of dividends is $7,000. f. From the balance sheet: Cash Accounts Receivable Merchandise Inventory Land Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities September 30 2018 2017 $ 40,000 $ 36,000 38,000 54,000 92,000 84,000 54,000 76,000 202,000 80,000 (56,000) (32,000) 35,000 23,000 16,000 25,000 . D LL 17 000 10000 Accrued Liabilities Notes Payable (long-term) Common Stock, no par Retained Earnings 16,000 17,000 45,000 257,000 25,000 16,000 10,000 224,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing An Adaptive Process

Authors: Robert E. Davis

1st Edition

0557220513, 978-0557220519

More Books

Students also viewed these Accounting questions

Question

Match the "Mature Concept of Death" with Its Example

Answered: 1 week ago