Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

The income statement and additional data of Healthy Living Plus, Inc. follows: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Healthy Living Plus's statement of cash flows for the year ended September 30, 2024, 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.) Healthy Living Plus, Inc. Statement of Cash Flows 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: Net Cash Provided by (Used for) Operating Activities Data table Healthy Living Plus, Inc. Income Statement More info a. Acquisition of plant assets is $119,000. Of this amount, $106,000 is paid in cash and $13,000 by signing a note payable. b. Cash receipt from sale of land totals $25,000. There was no gain or loss. c. Cash receipts from issuance of common stock total $30,000. Year Ended September 30, 2024 d. Payment of note payable is $12,000. e. Payment of dividends is $10,000. Net Sales Revenue $ 240,000 99,000 f. From the balance sheet: Cost of Goods Sold 2024 September 30 2023 Gross Profit 141,000 Operating Expenses: Salaries Expense $ 57,000 28,000 Depreciation Expense-Plant Assets 85,000 Total Operating Expenses Net Income Before Income Taxes 56,000 11,760 Income Tax Expense Net Income $ 44,240 Cash Accounts Receivable Merchandise Inventory Land Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities $ 36,000 $29,760 48,000 60,000 90,000 82,000 84,000 109,000 149,000 30,000 (58,000) (30,000) 36,000 21,000 19,000 31,000 Notes Payable (long-term) Common Stock, no par Retained Earnings 13,000 12,000 35,000 5,000 246,000 211,760 Print Done Print Done

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

Accounting Information Systems

Authors: Ulric J. Gelinas, Richard B. Dull

10th edition

9781305176218, 113393594X, 1305176219, 978-1133935940

More Books

Students also viewed these Accounting questions