Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare Supplements Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method. Include a separate section for non-cash investing
Prepare Supplements Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method. Include a separate section for non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Supplements Plus, Inc. Statement of Cash Flows Year Ended September 30, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Choose from any list or enter any number in the input fields and then click Check Answer. ? Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities c. a. Acquisition of plant assets is $115,000. Of this amount, $101,000 is paid in cash and $14,000 by signing a note payable. b. Cash receipt from sale of land totals $27,000. There was no gain or loss. Cash receipts from issuance of common stock total $32,000. d. Payment of note payable is $13,000. e. Payment of dividends is $10,000. f. From the balance sheet: September 30 2018 2017 Cash $ 33,000 $ 16,000 Accounts Receivable 40,000 53,000 Accounts Receivable Merchandise Inventory Land Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities Notes Payable (long-term) Common Stock, no par Retained Earnings 40,000 53,000 90,000 87,000 75,000 102,000 195,000 80,000 (38,000) (12,000) 38,000 27,000 10,000 15,000 14,000 13,000 42,000 10,000 291,000 261,000 Supplements Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense $ 60,000 $ 230,000 96,000 134,000 134,000 $ 60,000 26,000 Gross Profit Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets Total Operating Expenses Net Income Before Income Taxes Income Tax Expense Net Income 86,000 48,000 8,000 $ 40,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started