Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The income statement and additional data of Vitamins Plus, Inc. follows: (Click the icon to view the income statement.) (Click the icon to view
The income statement and additional data of Vitamins Plus, Inc. follows: (Click the icon to view the income statement.) (Click the icon to view the additional data.) Prepare Vitamins 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.) Vitamins Plus, Inc. Data Table i More Info 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: - Vitamins Plus, Inc. Income Statement Year Ended September 30, 2018 a. Acquisition of plant assets is $126,000. Of this amount, $107,000 is paid in cash and $19,000 by signing a note payable. b. Cash receipt from sale of land totals $27,000. There was no gain or loss. c. Cash receipts from issuance of common stock total $32,000. Net Sales Revenue $ 240,000 d. Payment of note payable is $18,000. 92,000 e. Payment of dividends is $12,000. Cost of Goods Sold f. From the balance sheet: Gross Profit 148,000 Operating Expenses: 2018 September 30 2017 Salaries Expense Depreciation Expense-Plant Assets Total Operating Expenses Net Cash Provided by (Used for) Operating Activities Net Income Before Income Taxes Income Tax Expense Choose from any list or enter any number in the input fields and then click Check Answer. Net Income Print Done $ 55,000 30,000 85,000 63,000 Cash Accounts Receivable Merchandise Inventory Land $ 34,000 $ 9,000 38,000 56,000 96,000 93,000 54,000 81,000 9,000 $ 54,000 Plant Assets Accumulated Depreciation Accounts Payable Accrued Liabilities 156,000 30,000 (50,000) (20,000) 33,000 20,000 10,000 19,000 Notes Payable (long-term) 19,000 18,000 Common Stock, no par 46,000 14,000 Retained Earnings 220,000 178,000 Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started