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Panel B More Info Data Table Vitamins Plus, Inc. a. Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and
Panel B
More Info Data Table Vitamins Plus, Inc. a. Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and $18,000 by signing a note payable. b. Cash receipt from sale of land totals $21,000. There was no gain or loss. Cash receipts from issuance of common stock total $32,000. d. Payment of note payable is $17,000 e. Payment of dividends is $11,000. f. From the balance sheet: Income Statement Year Ended September 30, 2016 c. Sales Revenue $ 239,000 93,000 Cost of Goods Sold 146,000 September 30 2016 2015 $ Cash $ 39,000 $ 15,000 Gross Profit Operating Expenses: Salaries Expense Depreciation ExpensePlant Assets Total Operating Expenses Net Income Before Income Taxes 60,000 30.000 36,000 53,000 95,000 90.000 97.000 208,000 90,000 56,000 6,000 Income Tax Expense (60,000) 62,000 $ 50,000 Accounts Receivable Merchandise Inventory Plant Assets Accumulated Depreciation Land Accounts Payable Accrued Liabilities Notes Payable (long-term) Common Stock, no par Retained Earnings (30,000) 83,000 25,000 Net Income 38,000 19.000 Print Done 28,000 17,000 18,000 45,000 13.000 45,000 262.000 262.000 223,000 382,000 Print Done Cash Flows from Operating Activities: (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: (b) (c) e) Net Cash Provided by Operating Activities Cash Flows from Investing Activities: (91) (h) Net Cash Used for Investing Activities Cash Flows from Financing Activities: (0) (k) Net Cash Used for Financing Activities Non-cash Investing and Financing Activities: (92) Total Non-cash Investing and Financing Activities (92) Total Vitamins Plus, Inc. Spreadsheet for Statement of Cash Flows Year Ended September 30, 2016 Balance Transaction Analysis Panel A-Balance Sheet: 9/30/2015 DEBIT CREDIT Cash $ 15,000|||0) Accounts Receivable 53,000 Merchandise Inventory 95,000 Plant Assets 90,000 Balance 9/30/2016 $ 39,000 36,000 97,000 208,000 Accumulated DepreciationPlant Assets Land (30,000) 83,000 (60,000) 62,000 382,000 $ Total Assets $ 306,000 Accounts Payable Accrued Liabilities 25,000 28,000 17,000 38,000 19,000 18,000 Notes Payable Total Liabilities 70,000 75,000 Common Stock, no par Retained Earnings Total Liabilities and Stockholders' Equity 13,000 223,000 45,000 262,000 $ 306,000 $ 382,000Step by Step Solution
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