Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and additional data of Health Plus, Inc. follows: (Click the icon to view the income ment.) (Click the icon to view

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The income statement and additional data of Health Plus, Inc. follows: (Click the icon to view the income ment.) (Click the icon to view the additional data.) Prepare HealthPlus's statement of cash flows for the year ended September 30, 2024using the indirect method. Include a separate section for non-cash investing and financing activities. used in the statement, leave the box empty; do not select a label or enter a zero.) Health Plus, Inc. Statement of Cash Flows tar Year Ended September 30, 2024 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Depreciation Expense-Plant Assets Decrease in Accounts Receivable Increase in Merchandise Inventory Increase in Accounts Payable Decrease in Accrued Liabilities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Cash Receipt from Sale of Land Cash Payment for Acquisition of Plant Assets 30,000 9,000 (4,000) 15,000 47,400 (5,000) 45,000 92,400 28,000 (103,000) ie Vi Laniu Cash Payment for Acquisition of Plant Assets Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Cash Payment of Dividends 20,000 (103,000) Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock (6,000) (9,000) 32,000 Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, September 30, 2023 Cash Balance, September 30, 2024 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities (75,000) 17,000 The income statement and additional data of Health Plus, Inc. follows: (Click the icon to view the income statement.) P (Click the icon to view the additional data.) er30, 2024using the indirect Acquisition of Plant Assets by Issuing Note Payable Cash Payment for Acquisition of Plant Assets Cash Payment of Dividends Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock ny instructor Cash Receipt from Sale of Land Decrease in Accounts Receivable Decrease in Accrued Liabilities Depreciation Expense-Plant Assets Increase in Accounts Payable Increase in Merchandise Inventory Total Non-cash Investing and Financing Activities 20,000 (103,000) (6,000) (9,000) 32,000 (75,000) 17,000 Data table Health Plus, Inc. Income Statement Year Ended September 30, 2024 Net Sales Revenue no f of om Cost of Goods Sold Gross Profit Operating Expenses: $ 234,000 89,000 145,000 Salaries Expense $ 55,000 30,000 Depreciation Expense-Plant Assets 85,000 Total Operating Expenses y ( Net Income Before Income Taxes 60,000 ase 12,600 Income Tax Expense cemb $ 47,400 Net Income temb gand vesting Print Done barate= More info a. Acquisition of plant assets is $113,000. Of this amount, $103,000 is paid in cash and $10,000 by signing a note payable. b. Cash receipt from sale of land totals $28,000. There was no gain or loss. C. Cash receipts from issuance of common stock total $32,000. d. Payment of note payable is $9,000. e. f. Payment of dividends is $6,000. From the balance sheet: September 30 2024 2023 Cash Accounts Receivable Merchandise Inventory $ 36,000 $ 1,600 49,000 58,000 91,000 87,000 Land 54,000 82,000 Plant Assets 178,000 65,000 Accumulated Depreciation (45,000) (15,000) a Accounts Payable 38,000 23,000 te Accrued Liabilities 10,000 15,000 tel Notes Payable (long-term) 10,000 9,000 Common Stock, no par 43,000 11,000 a Retained Earnings 262,000 220,600 ves Print Done X

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

Financial accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

IFRS Edition

9781119153726, 978-1118285909

More Books

Students also viewed these Accounting questions

Question

2x 2x 2x3 4 2X2 2 x 5x 2x3 1 8 x x 4x 11 2 + 2X2 = 4

Answered: 1 week ago

Question

Prove that if Σ an is absolutely convergent, then a. an

Answered: 1 week ago