Minerals Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ 240,000 96,000 Cost of Goods Sold Gross Profit 144,000 Operating Expenses: Salaries Expense $ 51,000 24,000 Depreciation ExpensePlant Assets Total Operating Expenses 75,000 Net Income Before Income Taxes 69,000 8,000 Income Tax Expense $ 61,000 Net Income a. Acquisition of plant assets is $119,000. Of this amount, $105,000 is paid in cash and $14,000 by signing a note payable. b. Cash receipt from sale of land totals $26,000. There was no gain or loss. C. Cash receipts from issuance of common stock total $35,000. d. Payment of note payable is $13,000. e. Payment of dividends is $9,000. f. From the balance sheet: September 30 2018 2017 Cash $ 38,000 $ 11,000 Accounts Receivable 45,000 58,000 Merchandise Inventory 95,000 93,000 Land 84,000 110,000 Plant Assets 149,000 30,000 Accumulated Depreciation (34,000) (10,000) Accounts Payable 31,000 21,000 Accrued Liabilities 11,000 24,000 Use the transaction references in Panel B when selecting the transaction references in Panel A. (lf a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed. Abbreviations used: Acquistion of Plant Assets by Issuing NP = Acquisition of Plant Assets by Issuing Note Payable.) Minerals Plus, Inc. Spreadsheet for Statement of Cash Flows Year Ended September 30, 2018 Balance Transaction Analysis Balance Panel A-Balance Sheet: 9/30/2017 DEBIT CREDIT 9/30/2018 Cash $ 11,000 38,000 Accounts Receivable 45,000 Merchandise Inventory 58,000 93,000 30,000 95,000 Plant Assets 149,000 Accumulated DepreciationPlant Assets (10,000) 110,000 (34,000) 84,000 Land $ 292,000 $ 377,000 Total Assets Accounts Payable 31,000 Accrued Liabilities 21,000 24,000 13,000 11,000 14,000 Notes Payable Total Liabilities 58,000 56,000 Common Stock, no par 5,000 229,000 40,000 281,000 Retained Earnings $ 292,000 $ Total Liabilities and Stockholders' Equity 377,000 Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (b) (c) (d) (e) (f) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (91) (h) Net Cash Used for Investing Activities Cash Flows from Financing Activities: (1) (i) (k) Net Cash Used for Financing Activities (1) Non-cash Investing and Financing Activities: (92) Total Non-cash Investing and Financing Activities (92) Total