please use exal and give answer with details solution and show formulas

Financial Accounting Exercise 2 Prepare the statement of cash flows -- direct method The income statement and additional data of Value World, Inc., follow: Value World, Inc. Income Statement Year Ended June 30, 2019 Revenues: Sales revenue. $ 275,000 8,500 $ Dividend revenue. 283,500 Expenses: Cost of goods sold Salary expense Depreciation expense. Advertising expense $ 110,000 60,000 22,000 13,000 Interest expense 2,200 215,200 Income tax expense. 8,000 Net income 68,300 Additional data: a. Collections from customers are $12,000 more than sales. b. Payments to suppliers are $2,300 less than the sum of cost of goods sold plus adver c. Payments to employees are $1,500 less than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amou e. Acquisition of plant assets is $210,000. Of this amount, $110,000 is paid in cash and long-term note payable. f. Proceeds from sale of land total $29,000. g. Proceeds from issuance of common stock total $31,000. h. Payment of long-term note payable is $17,000. i. Payment of dividends is $12,500. j. Cash balance, June 30, 2018, was $25,000. Test Your Knowledge Exercise 2 Instructions: 1. Prepare Value World, Inc.'s statement of cash flows and accompanying schedule of no financing activities. Report operating activities by the direct method. 2. Evaluate Value World's cash flows for the year. In your evaluation, mention all three ca and give the reason for your evaluation. Value World, Inc. Statement of Cash Flows Year Ended June 30, 2019 Cash flows from operating activities: Receipts: Collections from customers.. Dividend received.. Total cash receipts Payments: Total cash payments.. Net cash provided by operating activities. Cash flows from investing activities: Net cash used for investing activities. Cash flows from financing activites: Proceeds from issuance of common stock. 31,000 Net cash provided by financing activities Net increase in cash. Cash balance, June 30, 2018. ...... Cash balance, June 30, 2019. Noncash investing and financing activities: Requirement 2 Enter explanation here