f) Cash receipts from sale of land total $23,000.g) Cash receipts from issuance of common stock total $30,000.h) Payment of long-term notes payable is $15,000.i) Payment of dividends is $12,000.j) Cash balance at June 30, 2019, was $32,000; at June 30, 2020, it was $22,000.Prepare Enola Enterprises statement of cash flows for the year ended June 30, 2020, using the directmethod.Cash Flows for Operating Activities:Receipts:Total Cash ReceiptsPayments:Enola EnterprisesStatement of Cash Flows - Direct MethodFor Year Ending June 30, 2020Total Cash PaymentsNet Cash Provided by Operating ActivitiesCash Flows from Investing Activities:Total Cash PaymentsNet Cash Provided by Operating ActivitiesCash Flows from Investing Activities:Net Cash Used for Investing ActivitiesCash Flows from Financing Activities:Net Cash Provided by Financing ActivitiesNet Increase (Decrease) in CashCash Balance, June 30, 2020Check All Parts Enola EnterprisesIncome StatementYear Ended Ended June 30, 2020Sales RevenueCost of Goods SoldGross ProfitOperating Expenses:Salaries Expense42,000Advertising Expense12,000Depreciation Expense-Plant Assets 28,000Total Operating ExpensesIncome From OperationsOther Income (Expenses)Dividend RevenueInterest ExpenseTotal Other Income (Expenses)Net Income Before Income TaxesIncome Tax ExpenseNet Income10,800-3,100229,000104,000125,00082,00043,0007,70050,7008,00042,700Additional data follow:a) Collections from customers are $13,000 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 $1,700 more than salaries expense.e) Cash payment for the acquisition of plant assets is $108,000.

Under direct method of cash flow from operating activities, cash flow will be calculated by direct…

Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Additional data follow: 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 a) Collections from customers are $13,000 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 $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.

Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income Additional data follow: 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 a) Collections from customers are $13,000 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 $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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