Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: 230,000 109,000 121,000 Salaries Expense 44,000 Advertising Expense 15,000 Depreciation Expense-Plant Assets 24,000 Total Operating Expenses 83,000 Income From Operations 38,000 Other Income (Expenses) Dividend Revenue 10,400 Interest Expense -3,500 Total Other Income (Expenses) 6,900 Net Income Before Income Taxes 44,900 Income Tax Expense Net Income 7,000 37,900 Additional data follow: a) Collections from customers are $16,000 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 $1,800 more than salaries expense. el Cash payment for the acquisition of plant assets is $108.000 e) Cash payment for the acquisition of plant assets is $108,000. f) Cash receipts from sale of land total $28,000. g) Cash receipts from issuance of common stock total $31,000. h) Payment of long-term notes payable is $14,000. i) Payment of dividends is $10,000. j) Cash balance at June 30, 2019, was $31,000; 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 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