Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and additional data of Health Plus, Inc. follow: Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from

The income statement and additional data of Health Plus, Inc. follow:

image text in transcribed

Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty; do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed. Abbreviations used: Acquistion of Plant Assets by Issuing NP = Acquisition of Plant Assets by Issuing Note Payable.)

Health Plus, Inc.

Spreadsheet for Statement of Cash Flows

Year Ended September 30, 2018

Balance

Transaction Analysis

Balance

Panel ABalance Sheet:

9/30/2017

DEBIT

CREDIT

9/30/2018

Cash

$9,000

$40,000

Accounts Receivable

54,000

38,000

Merchandise Inventory

93,000

97,000

Plant Assets

40,000

158,000

Accumulated DepreciationPlant Assets

(22,000)

(47,000)

Land

100,000

72,000

Total Assets

$274,000

$358,000

Accounts Payable

18,000

36,000

Accrued Liabilities

27,000

15,000

Notes Payable

16,000

17,000

Total Liabilities

61,000

68,000

Common Stock, no par

5,000

39,000

Retained Earnings

208,000

251,000

Total Liabilities and Stockholders' Equity

$274,000

$358,000

Panel BStatement of Cash Flows:

Cash Flows from Operating Activities:

a

Adjustments to Reconcile Net Income

to Net Cash Provided by Operating Activities:

(b)

(c)

(d)

(e)

(f)

Net Cash Provided by Operating Activities

Cash Flows from Investing Activities:

(g1)

(h)

Net Cash Used for Investing Activities

Cash Flows from Financing Activities:

(j)

(i)

(k)

Net Cash Used for Financing Activities

(l)

Non-cash Investing and Financing Activities:

(g2)

Total Non-cash Investing and Financing Activities

(g2)

Total

Score: 0 of 10 pts 5 of 5 (1 complete) HW Score: 4%, 2 of 50 pts - Data Table X final More Info The Preg ente Ass SFA 2019 Acquisition of plant assets is $118,000. Of this amount, $101,000 is paid in cash and $17,000 by signing a note payable. Cash receipt from sale of land totals $28,000. There was no gain or loss. Cash receipts from issuance of common stock total $34,000. Payment of note payable is $16,000. Payment of dividends is $7,000. From the balance sheet: 238,000 95,000 Health Plus, Inc. Income Statement Year Ended September 30, 2018 Net Sales Revenue $ Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense $ 58,000 Depreciation Expense Plant Assets 25,000 Total Operating Expenses Net Income Before Income Taxes 143,000 le Chrom 83,000 Cash Accounts Receivable Merchandise Inventory September 30 2018 2017 $ 40,000 $ 9,000 38,000 54,000 97,000 93,000 72,000 100,000 158,000 40,000 (47.000) (22,000) 60,000 pwn-1.png Land 10,000 Income Tax Expense 50,000 Plant Assets Accumulated Depreciation Net Income Print Done Print Done Choo All parts showing Check Answer Clear All

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Human Resource Function Audit

Authors: Peter Reilly, Marie Strebler, Polly Kettley

1st Edition

0955970776, 978-0955970771

More Books

Students also viewed these Accounting questions

Question

Identify the elements that make up the employee reward package.

Answered: 1 week ago

Question

Understand the purpose, value and drawbacks of the interview.

Answered: 1 week ago