Question
Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to
Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) LOOK BELOW FOR INCOME STAT AND ADDITIONAL INFO
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| Energy Plus, Inc. | ||
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| Statement of Cash Flows | ||
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| Year Ended September 30, 2016 | ||
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| Cash Flows from Operating Activities: |
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| Net Income |
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| Adjustments to Reconcile Net Income to Net Cash |
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| Provided by (Used for) Operating Activities: |
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| Net Cash Provided by (Used for) Operating Activities |
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| Cash Flows from Investing Activities: |
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| Net Cash Provided by (Used for) Investing Activities |
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| Cash Flows from Financing Activities: |
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| Net Cash Provided by (Used for) Financing Activities |
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| Net Increase (Decrease) in Cash |
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| Cash Balance, September 30, 2015 |
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| Cash Balance, September 30, 2016 |
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| Non-cash Investing and Financing Activities: |
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| Total Non-cash Investing and Financing Activities |
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Energy Plus, Inc.
Income Statement
Year Ended September 30, 2016
Sales Revenue
$235,000
Cost of Goods Sold
99,000
Gross Profit
136,000
Operating Expenses:
Salaries Expense
$58,000
Depreciation ExpensePlant Assets
24,000
Total Operating Expenses
82,000
Net Income Before Income Taxes
54,000
Income Tax Expense
7,000
Net Income
$47,000
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| a. | Acquisition of plant assets is $123,000. Of this amount,$110,000 is paid in cash and$13,000 by signing a note payable. |
| b. | Cash receipt from sale of land totals $27,000. There was no gain or loss. |
| c. | Cash receipts from issuance of common stock total $28,000. |
| d. | Payment of note payable is $12,000. |
| e. | Payment of dividends is $8,000. |
| f. | From the balance sheet: |
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| September 30 | ||
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| 2016 |
| 2015 |
| Cash | $32,000 | $17,000 | |
| Accounts Receivable | 42,000 | 54,000 | |
| Merchandise Inventory | 97,000 | 94,000 | |
| Plant Assets | 183,000 | 60,000 | |
| Accumulated Depreciation | (39,000) | (15,000) | |
| Land | 58,000 | 85,000 | |
| Accounts Payable | 35,000 | 21,000 | |
| Accrued Liabilities | 13,000 | 17,000 | |
| Notes Payable (long-term) | 13,000 | 12,000 | |
| Common Stock, no par | 34,000 | 6,000 | |
| Retained Earnings | 278,000 |
| 239,000 |
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Risk Based Auditing
Authors: Phil Griffiths
1st Edition
0566086522, 9780566086526
