how to get the collection from customers and cash payment for acquisition of plant assets

Review Test: Chapter 14 Post-Test Close Score: 0.38 of 1 pt 1 4 of 4 Test Score: 54.5%, 2.18 of 4 3 P14A-37A (similar to) More Info The 2018 income statement and comparative balance sheet of One Stop, Inc. follow: A (Click the icon to view the ad (Click the icon to view the income statement.) Read the requirements (Click the icon to view the comparative balance sheet.) Additionally. One Stop purchased land of $19,800 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was Requirement 1. Prepare the 2018 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statempat less the disposed of for S0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash. Complete the statement one section at a time, beginning with the cash flows from operating activities. Dat One Stop, Inc. Data Table - X Print Done Statement of Cash Flows Year Ended December 31, 2018 December 31, 2018 and 2017 Cash Flows from Operating Activities: One Stop, Inc. 2018 2017 Receipts: Income Statement Assets Collections From Customers 3 438.800 Year Ended December 31, 2018 Current Assets Net Sales Revenue $ 438,000 $ Cash 26,200 $ 15,800 Interest Received 8,000 $ Cost of Goods Sold 206,200 28.900 Accounts Receivable 25.500 Total Cash Receipts $ 444,600 Gross Profit 231,800 Merchandise Inventory 79,500 91.700 Payments: (201.2009 Operating Expenses To Suppliers Long-term Assets (744001 Salaries Expense 74,400 To Employees Land 34,800 15,000 For Income Tax (19,500 Depreciation Expense-Plant Assets 14,900 Plant Assets 121.740 110.940 11,000 Other Operating Expenses (16.840) (16.240) For Interest Accumulated Depreciation Plant Assets Total Operating Expenses 100,300 $ 272,300 $ 242,700 Total Assets Operating Income 131,500 Liabilities Other Income and (Expenses) Current Liabilities: (317,300) Total Cash Payments Interest Revenue 8,000 Accounts Payable $ 35.400 $ 30.600 Net Cash Provided by (Used for) Operating Activities 127,300 Interest Expense (21,600) Accrued Liabilities 28,500 30.100 Cash Flows from Investing Activities: Total Other Income and (Expenses) (13,600) Long-term Liabilities: Cash Payment for Acquisition of Plant Assets (25,100) Net Income Before Income Taxes 117,900 77.000 108,000 Notes Payable Income Tax Expense 19,500 Total Liabilities 140.900 166,700 $ 98.400 Net Income Stockholders' Equity Common Stock, no par 88,200 84,700 43 200 11,300 Move your pointer over or tap on the cells with red arrows to see incorrect answers Print Done Retained Earnings 131,400 78,000 Total Stockholders' Equity s (21.600 WP14A-37A (similar to) More Info - X (Click the icon to view the ad The 2018 income statement and comparative balance sheet of One Stop, Inc. follow: (Click the icon to view the income statement.) (Click the icon to view the comparative balance sheet.) Read the requirements Additionally. One Stop purchased land of $19,800 by financing it 100% with long-term notes payable during 2018. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for S0. The cost and accumulated depreciation of the disposed asset was $14,300. The plant acquisition was for cash. Dat (317,300 127.300 Data Table - X Print Done Total Cash Payments Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets 25,100 December 31, 2018 and 2017 2018 2017 Assets One Stop, Inc. Income Statement Year Ended December 31, 2018 Net Sales Revenue Current Assets (25,100) $ 438,000 206,200 Cash $ 15,800 Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Cash Receipt From Issuance of Common Stock Cash Payment of Notes Payable Cash Payment of Dividends 26,200 $ 28.900 79,500 25.500 91,700 231.800 23,500 (48.800 (66,500) Accounts Receivable Merchandise Inventory Long-term Assets Land Plant Assets s 74,400 14,900 11,000 34.800 121.740 (16.840) 15,000 110,040 (16,240) (91,800) Accumulated DepreciationPlant Assets Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, December 31, 2017 10.400 100,300 $ Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Income and (Expenses); Interest Revenue Interest Expense Total Other Income and (Expenses) Net Income Before Income Taxes 272,300 $ 242,700 Total Assets 15,800 131,500 Liabilities $ 26,200 Cash Balance, December 31, 2018 $ 8,000 21,600) Non-cash Investing and Financing Activities: Acquisition of Land by Issuing Long-term Notes Payable 35,400 $ 28,500 30.600 30.100 $ 19,800 (13,800) Current Liabilities: Accounts Payable Accrued Liabilities Long-term Liabilities: Notes Payable Total Liabilities 77.000 108,000 19,800 Total Non-cash Investing and Financing Activities Requirement 2. How will what you learned in this problem help you evaluate an investment? Income Tax Expense 117,900 19,500 $ 98,400 140.900 168,700 Net Income Stockholders' Equity ---------------- Common Stock, no par 88.200 43,200 84,700 11,300 Move your pointer over or tap on the cells with red arrows to see incorrect answers. Print Done Retained Earnings Total Stockholders' Equity 131.400 78,000 S 27220 242 700