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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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 direct
method.
Cash Flows for Operating Activities:
Receipts:
Total Cash Receipts
Payments:
Enola Enterprises
Statement of Cash Flows - Direct Method
For Year Ending June 30, 2020
Total Cash Payments
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Total Cash Payments
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Net Cash Provided by Financing Activities
Net Increase (Decrease) in Cash
Cash Balance, June 30, 2020
Check All Parts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f4ed9b5-97b6-4b06-beaf-83d9b19122f9%2Ff8ab0a46-ac6e-4316-9713-e76614cb6a6c%2F2f49alr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 direct
method.
Cash Flows for Operating Activities:
Receipts:
Total Cash Receipts
Payments:
Enola Enterprises
Statement of Cash Flows - Direct Method
For Year Ending June 30, 2020
Total Cash Payments
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Total Cash Payments
Net Cash Provided by Operating Activities
Cash Flows from Investing Activities:
Net Cash Used for Investing Activities
Cash Flows from Financing Activities:
Net Cash Provided by Financing Activities
Net Increase (Decrease) in Cash
Cash Balance, June 30, 2020
Check All Parts
![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
10,800
-3,100
229,000
104,000
125,000
82,000
43,000
7,700
50,700
8,000
42,700
Additional 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f4ed9b5-97b6-4b06-beaf-83d9b19122f9%2Ff8ab0a46-ac6e-4316-9713-e76614cb6a6c%2Frrotxj_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
10,800
-3,100
229,000
104,000
125,000
82,000
43,000
7,700
50,700
8,000
42,700
Additional 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.
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