Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The income statement and additional data of Starry Night Corporation follow: (Click the icon to view the Income Statement) (Click the icon to view the

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

The income statement and additional data of Starry Night Corporation follow: (Click the icon to view the Income Statement) (Click the icon to view the additional data) Prepare Starry Night Corporation's statement of cash flows for the year ended June 30,2024 . Use the direct method (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.) Complete the statement one section at a time, beginning with the cash flows from operating activities. The income statement and additional data of Starry Night Corporation follow: Ea: (Click the icon to view the Income Statement.) (Click the icon to view the additional data.) Prepare Starry Night Corporation's statement of cash flows for the year ended June 30,2024. Use the direct method (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.) Data table Data table a. Collections from customers are $15,000 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $1,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $109,000. f. Cash receipts from sale of land total $24,000. g. Cash receipts from issuance of common stock total $32,000. h. Payment of long-term notes payable is $12,000. i. Payment of dividends is $10,000. j. Cash balance at June 30,2023 , was $28,000; at June 30,2024 , it was $31,000. The income statement and additional data of Starry Night Corporation follow: (Click the icon to view the Income Statement) (Click the icon to view the additional data) Prepare Starry Night Corporation's statement of cash flows for the year ended June 30,2024 . Use the direct method (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.) Complete the statement one section at a time, beginning with the cash flows from operating activities. The income statement and additional data of Starry Night Corporation follow: Ea: (Click the icon to view the Income Statement.) (Click the icon to view the additional data.) Prepare Starry Night Corporation's statement of cash flows for the year ended June 30,2024. Use the direct method (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.) Data table Data table a. Collections from customers are $15,000 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $1,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $109,000. f. Cash receipts from sale of land total $24,000. g. Cash receipts from issuance of common stock total $32,000. h. Payment of long-term notes payable is $12,000. i. Payment of dividends is $10,000. j. Cash balance at June 30,2023 , was $28,000; at June 30,2024 , it was $31,000

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

Auditing And Assurance Services

Authors: David Ricchiute

7th Edition

0324117760, 978-0324117769

More Books

Students also viewed these Accounting questions

Question

What are the purposes of collection messages? (Objective 5)

Answered: 1 week ago