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Requirements 1. Prepare Jubilee World's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities using the direct method.

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Requirements 1. Prepare Jubilee World's statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities using the direct method. 2. Evaluate the company's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the rationale for your evaluation. Data table Revenues: Jubilee World, Inc. Income Statement Year Ended June 30, 2018 Sales revenue Dividend revenue GA 222,000 11,500 $ 233,500 Data table Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense 102,000 42,000 28,000 8,000 2,500 I Data table Depreciation expense Advertising expense Interest expense Income tax expense Net income 28,000 8,000 2,500 10,500 $ 193,000 40,500 More info Additional data: a. Collections from customers are $15,500 more than sales. b. Payments to suppliers are $1,700 less than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $2,200 less than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. Acquisition of plant accote is $176.000 of this amount $122.000 is paid in coch More info e. Acquisition of plant assets is $176,000. Of this amount, $122,000 is paid in cash and $54,000 is financed by signing a long-term note payable. f. Proceeds from the sale of land totaled $24,000. g. Proceeds from the issuance of common stock totaled $39,000. h. Payment of a long-term note payable is $20,000. i. Payment of dividends is $7,000. j. Cash balance, June 30, 2017, was $32,000

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