How do you find "Cash Payment for Acquisition of Plant Assets"?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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How do you find "Cash Payment for Acquisition of Plant Assets"?
 
 
Requirement 1. Prepare the
2024
Statement of Cash Flows by 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.
 
 
Sweet Valley, Inc.
 
Statement of Cash Flows
 
Year Ended December 31, 2024
 
Cash Flows from Operating Activities:
 
 
 
Receipts:
 
 
 
Collections From Customers
$443,700
 
 
 
 
 
 
Interest Received
$8,200
 
 
Total Cash Receipts
 
$451,900
 
Payments:
 
 
 
To Suppliers
(197,700)
 
 
To Employees
(77,400)
 
 
For Interest
(21,100)
 
 
For Income Tax
(19,400)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Cash Payments
 
(315,600)
 
Net Cash Provided by (Used for) Operating Activities
 
136,300
 
Cash Flows from Investing Activities:
 
 
 
Cash Payment for Acquisition of Plant Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Provided by (Used for) Investing Activities
 
 
= Homework: Project #1
O Points: 11.6 of 25
Save
Part 2 of 6
- X
The 2024 income statement and comparative balance sheet of Sweet Valley, Inc. follow:
Data table
Data table
(Click the icon to view the income statement.)
aboot
Sweet Valley, Inc.
Sweet Valley, Inc.
Requirements
Income Statement
Comparative Balance Sheet
Year Ended December 31, 2024
December 31, 2024 and 2023
1. Prepare the 2024 statement of cash flows by the direct method.
Net Sales Revenue
$ 445,000
2024
2023
2. How will what you learned in this problem help you evaluate an investment?
203,200
Assets
Cost of Goods Sold
Gross Profit
241,800
Current Assets:
Cash
$
26,300 $
15,400
Operating Expenses:
Print
Done
Salaries Expense
$
77,400
Accounts Receivable
26,400
25,100
Depreciation Expense-Plant Assets
14,500
Merchandise Inventory
79,300
91,300
10,100
Long-term Assets:
More info
Other Operating Expenses
Land
34,900
14,000
102,000
Total Operating Expenses
Plant Assets
115,790
108,330
Operating Income
139,800
Additionally, Sweet Valley purchased land of $20,900 by financing it 100% with
long-term notes payable during 2024. During the year, there were no sales of land, no
retirements of stock, and no treasury stock transactions. A plant asset was disposed of
for $0. The cost and accumulated depreciation of the disposed asset was $13,240.
The plant acquisition was for cash.
(19,890)
(18,630)
Other Income and (Expenses):
Accumulated Depreciation-Plant Assets
$
262,800 $
235,500
Interest Revenue
8,200
Total Assets
Interest Expense
(21,100)
Liabilities
(12,900)
Current Liabilities:
Total Other Income and (Expenses)
Accounts Payable
$
35,600 $
30,100
Net Income Before Income Taxes
126,900
19,400
Accrued Liabilities
28,900
30,800
Income Tax Expense
Long-term Liabilities:
$ 107,500
Net Income
Print
Done
Transcribed Image Text:= Homework: Project #1 O Points: 11.6 of 25 Save Part 2 of 6 - X The 2024 income statement and comparative balance sheet of Sweet Valley, Inc. follow: Data table Data table (Click the icon to view the income statement.) aboot Sweet Valley, Inc. Sweet Valley, Inc. Requirements Income Statement Comparative Balance Sheet Year Ended December 31, 2024 December 31, 2024 and 2023 1. Prepare the 2024 statement of cash flows by the direct method. Net Sales Revenue $ 445,000 2024 2023 2. How will what you learned in this problem help you evaluate an investment? 203,200 Assets Cost of Goods Sold Gross Profit 241,800 Current Assets: Cash $ 26,300 $ 15,400 Operating Expenses: Print Done Salaries Expense $ 77,400 Accounts Receivable 26,400 25,100 Depreciation Expense-Plant Assets 14,500 Merchandise Inventory 79,300 91,300 10,100 Long-term Assets: More info Other Operating Expenses Land 34,900 14,000 102,000 Total Operating Expenses Plant Assets 115,790 108,330 Operating Income 139,800 Additionally, Sweet Valley purchased land of $20,900 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $13,240. The plant acquisition was for cash. (19,890) (18,630) Other Income and (Expenses): Accumulated Depreciation-Plant Assets $ 262,800 $ 235,500 Interest Revenue 8,200 Total Assets Interest Expense (21,100) Liabilities (12,900) Current Liabilities: Total Other Income and (Expenses) Accounts Payable $ 35,600 $ 30,100 Net Income Before Income Taxes 126,900 19,400 Accrued Liabilities 28,900 30,800 Income Tax Expense Long-term Liabilities: $ 107,500 Net Income Print Done
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