Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with completing the statement one section at a time beginning with the cash flows from operating activities Health Plus, Inc. Income Statement

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i need help with completing the statement one section at a time beginning with the cash flows from operating activities
image text in transcribed
image text in transcribed
image text in transcribed
Health Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 237,000 95,000 Cost of Goods Sold Gross Profit 142,000 Operating Expenses: Salaries Expense $ 58,000 22,000 Depreciation Expense-Plant Assets 80,000 Total Operating Expenses Net Income Before Income Taxes 62,000 Income Tax Expense 6,000 Net Income $ 56,000 a. Acquisition of plant assets is $124,000. Of this amount, $107,000 is paid in cash and $17,000 by signing a note payable. b. Cash receipt from sale of land totals $21,000. There was no gain or loss. 6. Cash receipts from issuance of common stock total $33,000. d. Payment of note payable is $16,000. 6. Payment of dividends is $8,000. f. From the balance sheet: September 30 2018 2017 Cash $ 31,000 $ 14,000 Accounts Receivable 37,000 53,000 Merchandise Inventory 97,000 90,000 Land 83.000 104.000 Plant Assets 174,000 50,000 Accumulated Depreciation Accounts Payable (32,000) 34,000 20,000 (10,000) 18,000 Accrued Liabilities 29,000 17,000 Notes Payable (long-term) Common Stock, no par Retained Earnings 41,000 278,000 16,000 8,000 230,000 The income statement and additional data of Health Plus, Inc. follows: (Click the icon to view the income statement.) Click the icon to view the additional data.) Prepare Health Plus's statement of cash flows for the year ended September 30, 2018, using the indirect me Health Plus, Inc. Statement of Cash Flows Year Ended September 30, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, September 30, 2017 Cash Balance, September 30, 2018 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities

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

Value Added Auditing CERM Academy Series On Enterprise Risk Management

Authors: Greg Hutchins

4th Edition

978-0965466554

More Books

Students also viewed these Accounting questions

Question

What is the preferred personality?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago