Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Minerals Plus, Inc. Spreadsheet for Statement of Cash Flows Year Ended September 30, 2018 Transaction Analysis Balance Balance 9/30/2017 Panel A Balance Sheet: DEBIT CREDIT

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Minerals Plus, Inc. Spreadsheet for Statement of Cash Flows Year Ended September 30, 2018 Transaction Analysis Balance Balance 9/30/2017 Panel A Balance Sheet: DEBIT CREDIT 9/30/2018 Cash 20,000 33,000 Accounts Receivable 11,000 (c) 40,000 Merchandise Inventory 3,000 96,000 Plant Assets 13,000 (1) 51,000 93,000|| (d) 55,000|| (91) | (92) (35,000) 107,000 169,000 Accumulated DepreciationPlant Assets 30,000 (b) 24,000 (h) (65,000) 83,000 Land $ 284,000 $ 356,000 Total Assets 15,000 (e) Accounts Payable Accrued Liabilities 24,000 27,000|| (f) 11,000 (i) 62,000 9,000 11,000 39,000 18,000 12,000 Notes Payable 12,000 Total Liabilities 69,000 Common Stock, no par 26,000 (i) 9,000 213,000 35,000 252,000 Retained Earnings (K) 284,000 $ 356,000 Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation ExpensePlant Assets Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Cash Receipt for Sale of Land (91) Net Cash Used for Investing Activities Cash Flows from Investing Activities: (91) Cash Payment for Acquisition of Plant Assets Cash Receipt for Sale of Land Net Cash Used for Investing Activities Cash Flows from Financing Activities: Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Used for Financing Activities Net Increase in Cash Non-cash Investing and Financing Activities: Acquisition of Plant Assets by Issuing NP Total Non-cash Investing and Financing Activities Total Minerals Plus, Inc. Income Statement Year Ended September 30, 2018 a. Acquisition of plant assets is $114,000. Of this amount, $102,000 is paid in cash and $12,000 by signing a note payable. b. Cash receipt from sale of land totals $24,000. There was no gain or loss. Cash receipts from issuance of common stock total $26,000. d. Payment of note payable is $11,000. e. Payment of dividends is $13,000. f. From the balance sheet: Net Sales Revenue $ 236,000 97,000 Cost of Goods Sold 139,000 September 30 Gross Profit Operating Expenses: Salaries Expense 2018 2017 $ 50,000 30,000 Cash $ Depreciation ExpensePlant Assets $ 33,000 40,000 80,000 Accounts Receivable Merchandise Inventory 96,000 Total Operating Expenses Net Income Before Income Taxes Land 59,000 7,000 83,000 13,000 51,000 93,000 107,000 55,000 (35,000) 24,000 27,000 Income Tax Expense Plant Assets $ 52,000 Net Income Accumulated Depreciation 169,000 (65,000) 39,000 18,000 Accounts Payable Accrued Liabilities Print Done

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_2

Step: 3

blur-text-image_3

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

Auditing Human Resources

Authors: Kelli W. Vito

2nd Edition

0894136941, 978-0894136948

More Books

Students also viewed these Accounting questions

Question

2. Define communication.

Answered: 1 week ago