Income Statement One Stop, Ltd. Income Statement Year Ended October 30, 2020 Revenues: Sales revenue Dividend revenue Expenses: EA $ 226,000 14,800 $ 240,800 Cost of goods sold 109,000 Salary expense 46,000 Depreciation expense 29,100 Advertising expense 10,600 Interest expense 2,200 9,500 206,400 Income tax expense $ 34,400 Net income Additional data Additional data: a. Collections from customers are $30,100 more than sales. b. Payments to suppliers are $2,400 more than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $1,600 more than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. e. Acquisition of plant assets is $155,000. Of this amount, $105,000 is paid in cash and $50,000 by signing a long-term note payable. f. Proceeds from sale of land total $25,000. g. Proceeds from issuance of common shares total $29,900. h. Payment of a long-term note payable is $14,700. i. Payment of dividends is $8,000. j. Cash balance October 31, 2019, was $19,800. The income statement and additional data of One Stop Ltd. follow: (Click the icon to view the income statement.) i (Click the icon to view the additional data.) Requirements 1. Prepare One StopInc.'s statement of cash flows and accompanying schedule of non-cash investing and financing activities. Report operating activities by the direct method. 2. Evaluate One Stop sash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Requirement 1. Prepare One Stop Ltd.'s, statement of cash flows and accompanying schedule of non-cash investing and financing activities. Report operating activities by the direct method. Start by completing the cash flows from operating activities. Then, complete the rest of the statement of cash flows and accompanying schedule of non-cash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted, for payments, and for a net decrease in cash.) One Stop, Ltd. Statement of Cash Flows (Direct Method) Year Ended October 31, 2020 Cash flows from operating activities: Receipts: Total cash receipts Payments: Total cash payments Net cash provided by (used for) operating activities