Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit 229,000 104,000 125,000 Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses 82,000 Income From Operations 43,000 Other Income (Expenses) Dividend Revenue 10,800 Interest Expense -3,100 Total Other Income (Expenses) 7,700 Net Income Before Income Taxes 50,700 Income Tax Expense Net Income 8,000 42,700 Additional data follow: a) Collections from customers are $13,000 more than sales. b) Dividend revenue, interest expense, and income tax expense equal their cash amounts. c) Payments to suppliers are the sum of cost of goods sold plus advertising expense. d) Payments to employees are $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000. f) Cash receipts from sale of land total $23,000. g) Cash receipts from issuance of common stock total $30,000. h) Payment of long-term notes payable is $15,000. i) Payment of dividends is $12,000. j) Cash balance at June 30, 2019, was $32,000; at June 30, 2020, it was $22,000. Prepare Enola Enterprises statement of cash flows for the year ended June 30, 2020, using the direct method. Enola Enterprises Statement of Cash Flows Direct Method For Year Ending June 30, 2020 Cash Flows for Operating Activities: Receipts: Total Cash Receipts Payments: Total Cash Payments Net Cash Provided by Operating Activities Cash Flows from Investing Activities Total Cash Payments Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Net Cash Used for Investing Activities Cash Flows from Financing Activities: Net Cash Provided by Financing Activities Net Increase (Decrease) in Cash Cash Balance, June 30, 2020 Check All Parts