Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

The income statement and additional data of Minerals Plus, Inc. follows: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Minerals 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.) Minerals Plus, Inc. More Info Data Table Statement of Cash Flows Year Ended September 30, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Minerals Plus, Inc. Income Statement Year Ended September 30, 2018 a. Acquisition of plant assets is $115,000. Of this amount, $104,000 is paid in cash and $11,000 by signing a note payable. b. Cash receipt from sale of land totals $23,000. There was no gain or loss. Cash receipts from issuance of common stock total $31,000. d. Payment of note payable is $10,000. e. Payment of dividends is $13,000. f. From the balance sheet: c. Net Sales Revenue $ 236,000 Cost of Goods Sold 95,000 Gross Profit 141,000 September 30 2018 2017 Operating Expenses: Salaries Expense Depreciation Expense-Plant Assets $ Cash $ 33,000 $ 18,000 56,000 29,000 49,000 59,000 Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Account Merchandise Inventory 85,000 92,000 87,000 Total Operating Expenses Net Income Before Income Taxes Land 62,000 85,000 56,000 170,000 55,000 5,000 Income Tax Expense Plant Assets Accumulated Depreciation Accounts Payable $ 51,000 (53,000) 40,000 (24,000) 31,000 Net Income 18,000 24,000 Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Print Done Accrued Liabilities Notes Payable (long-term) Common Stock, no par Retained Earnings 11,000 42,000 10,000 11,000 242,000 204,000 Print Done Choose from any list or enter any number in the input fields and then continue to the next question. Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: Net Cash Provided by (Used for) Investing Activities Cash Flows from Financing Activities: Net Cash Provided by (Used for) Financing Activities Net Increase (Decrease) in Cash Cash Balance, September 30, 2017 Cash Balance, September 30, 2018 Non-cash Investing and Financing Activities: Total Non-cash Investing and Financing Activities

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

Handbook Of Energy Audits

Authors: Prentice-Hall

1st Edition

0881731285, 978-0881731286

More Books

Students also viewed these Accounting questions

Question

Network in tightly knit and permanent social networks

Answered: 1 week ago

Question

define what is meant by the term human resource management

Answered: 1 week ago