Napanee Distillery Inc. accountants have assembled the following data for the year ended June 30, 2020. i (Click the icon to view the data.) Prepare only the operating activities section of Napanee Distillery Inc.'s cash flow statement for the year ended June 30, 2020. Napanee uses the indirect method for operating cash flows. (Use parentheses or a minus sign for numbers to be subtracted or a net cash outflow.) Napanee Distillery Inc. Cash Flow Statement (partial) For the Year Ended June 30, 2020 Cash flows from operating activities Add (subtract) items that affect net income and cash flow differently: i More Info Net cash inflow (outflow) from operating activities Payment of dividends $ 18,000 Cash receipt from issuance of common shares.. 54,000 Increase in current assets other than cash.. 61,000 Repurchase of Napanee Distillery shares 7,000 Net income. 112,000 Purchase of equipment. 80,000 Decrease in current liabilities 9,000 Payment of note payable... 62,000 Cash receipt from sale of land 134,000 Amortization expense. 41,000 Print Done Use the income statement of McKnight Consulting Ltd. plus these additional data during fiscal year 2020: (Click the icon to view the Income Statement.) Required i (Click the icon to view the additional data.) 1. Prepare McKnight Consulting Ltd.'s cash flow statement for the year ended September 30, 2020, using the indirect method. 2. Evaluate McKnight Consulting Ltd.'s cash flows for the year. In your evaluation, mention all three categories of cash flows, and give the reason for your evaluation. Requirement 1. Prepare McKnight Consulting Ltd.'s cash flow statement for the year ended September 30, 2020, using the indirect method. (Use parentheses or a minus sign for numbers to be subtracted.) McKnight Consulting Ltd. Cash Flow Statement Data Table X For the Year Ended September 30, 2020 Cash flows from operating activities Net income Add (subtract) items that affect net income and cash flow differently: Amortization expense Decrease in accounts receivable Increase in office supplies Increase in accounts payable Decrease in accrued liabilities Net cash inflow from operating activities Cash flows from investing activities Acquisition of computer equipment Cash receipt from sale of land Net cash outflow from investing activities Cash flows from financing activities Cash receipt from issuance of common shares Payment of long-term note payable Enter any number in the edit fields and then continue to the next question. McKnight Consulting Ltd. Income Statement For the Year Ended September 30, 2020 Revenues Consulting revenue Expenses $ 564,000 Salaries expense $ 302,000 Amortization expense 58,000 Rent expense 30,000 Office supplies expense 18,000 Insurance expense 6,500 Interest expense 8,000 40,000 462,500 Income tax expense $ 101,500 Net income Print Done Use the income statement of McKnight Consulting Ltd. plus these additional data during fiscal year 2020: (Click the icon to view the Income Statement.) Required (Click the icon to view the additional data.) 1. Prepare McKnight Consulting Ltd.'s cash flow statement for the year ended September 30, 2020, using the indirect me 2. Evaluate McKnight Consulting Ltd.'s cash flows for the year. In your evaluation, mention all three categories of cash flo Requirement 1. Prepare McKnight Consulting Ltd.'s cash flow statement for the year ended September 30, 2020, using th McKnight Consulting Ltd. Cash Flow Statement For the Year Ended September 30, 2020 Cash flows from operating activities Net income Add (subtract) items that affect net income and cash flow differently: Amortization expense Decrease in accounts receivable Increase in office supplies Increase in accounts payable Decrease in accrued liabilities Net cash inflow from operating activities Cash flows from investing activities Acquisition of computer equipment Cash receipt from sale of land Net cash outflow from investing activities Cash flows from financing activities More Info Additional data: a. Acquisition of computer equipment was $234,000. Of this amount, $194,000 was paid in cash and $40,000 by signing a long-term note payable. McKnight Consulting Ltd. sold no computer equipment during fiscal year 2020. b. Cash received from sale of land, $28,000. c. Cash receipts from issuance of common shares, $100,000. d. Payment of long-term note payable, $50,000. e. Payment of dividends, $132,000. f. Change in cash balance, $?. g. From the comparative balance sheet at September 30: McKnight Consulting Ltd. Balance Sheet (partial) September 30, 2020 and 2019 Current assets Cash Accounts receivable Office supplies Prepaid expenses Current liabilities Accounts payable Accrued liabilities 2020 2019 $ 70,500 $ 44,000 34,000 148,000 24,000 16,000 16,000 16,000 $ 72,000 $ 57,000 38,000 44,000 Cash receipt from issuance of common shares Payment of long-term note payable Enter any number in the edit fields and then continue to the next question. Print Done ted.) Use the income statement of McKnight Consulting Ltd. plus these additional data during fiscal year 2020: (Click the icon to view the Income Statement.) Required (Click the icon to view the additional data.) 1. Prepare McKnight Consulting Ltd.'s cash flow statement for the year ended September 30, 2020, using the indirect method. 2. Evaluate McKnight Consulting Ltd.'s cash flows for the year. In your evaluation, mention all three categories of cash flows, and give the reason for your evaluation. Decrease in accrued liabilities Net cash inflow from operating activities Cash flows from investing activities Acquisition of computer equipment Cash receipt from sale of land Net cash outflow from investing activities Cash flows from financing activities Cash receipt from issuance of common shares Payment of long-term note payable Dividends paid Net cash outflow from financing activities Net increase in cash Cash balance at beginning of 2020 Cash balance at end of 2020 Non-cash investing and financing activities: Acquisition of equipment by issuing note payable Requirement 2. Evaluate McKnight Consulting Ltd.'s cash flows for the year. In your evaluation, mention all three categories of cash flows, and give the reason for your evaluation. The cash flow from is and it provided section of the cash flow statement. funds to acquire the computer equipment, which is found under The company is fairly strong and has little problem in acquiring by way of notes and common shares, which is found in the On July 31, 2016, Edgmont Corp. purchased $34,000 of inventory on a one-year, 7-percent note payable. Interest payable at December 31, 2016, was $992. Show what Edgmont Corp. reports for the note payable and related interest payable on its balance sheet at December 31, 2016, and on its income statement for the year ended on that date. Let's start by entering the statement labels, accounts, and amounts relating to the note payable on our partial balance sheet. (Round your answers to the nearest whole dollar.) Assets Edgmont Corp. Balance Sheet (partial) December 31, 2016 Next, let's show the impact the note payable has on our partial income statement. Revenue: Edgmont Corp. Income Sheet (partial) For the Year Ended December 31, 2016 Expenses: Liabilities Current liabilities: Waterfall Inc. completed these long-term investment transactions during 2020. Disregard commissions. 2020 Jan. 14 Purchased 1,200 shares of Officework Ltd., paying $49.00 per share. Aug. 22 Received a cash dividend of $3.50 per share on the Officework Ltd. shares. Dec. 31 Adjusted the Officework Ltd. investment to its current fair value of $62,700. 1. Journalize Waterfall's investment transactions. Waterfall Inc. exerts no significant influence on Officework Ltd. and intends to hold the investment indefinitely. 2. What value is reported for the investment on Waterfall's balance sheet at December 31, 2020? 1. Journalize Waterfall's investment transactions. Waterfall Inc. exerts no significant influence on Officework Ltd. and intends to hold the investment indefinitely. Jan. 14, 2020: Purchased 1,200 shares of Officework Ltd., paying $49.00 per share. (Record debits first, then credits. Explanations are not required.) Date Jan. 14 Journal Entry Accounts Debit Credit Aug. 22: Received a cash dividend of $3.50 per share on the Officework Ltd. shares. Date Aug. 22 Journal Entry Accounts Debit Credit Dec. 31: Adjusted the Officework Ltd. investment to its current fair value of $62,700. Journal Entry Date Accounts Debit Credit Waterfall Inc. completed these long-term investment transactions during 2020. Disregard commissions. 2020 Jan. 14 Purchased 1,200 shares of Officework Ltd., paying $49.00 per share. Aug. 22 Received a cash dividend of $3.50 per share on the Officework Ltd. shares. Dec. 31 Adjusted the Officework Ltd. investment to its current fair value of $62,700. 1. Journalize Waterfall's investment transactions. Waterfall Inc. exerts no significant influence on Officework Ltd. and intends to hold the investment indefinitely. 2. What value is reported for the investment on Waterfall's balance sheet at December 31, 2020? Aug. 22: Received a cash dividend of $3.50 per share on the Officework Ltd. shares. Date Aug. 22 Journal Entry Accounts Debit Credit Dec. 31: Adjusted the Officework Ltd. investment to its current fair value of $62,700. Date Dec. 31 Journal Entry Accounts Debit Credit 2. What value is reported for the investment on Waterfall's balance sheet at December 31, 2020? (Use parentheses or a minus sign for a loss.) Assets Total current assets.. XXX Long-term investments, fair value Choose from any list or enter any number in the input fields and then continue to the next