income state (Click the icon to view the income statement) (Click the icon to view the additional data.) pare Minerals Plus's statement of cash flows for the year ended September 30, 2024, using the indirect method. Include a separate section for non-cash investing and financing activities. More info a. Acquisition of plant assets is $119,000. Of this amount, $106,000 is paid in cash and $13,000 by signing a note payable. Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities: b. Cash receipt from sale of land totals $26,000. There was no gain or loss. Cash receipts from issuance of common stock total $34,000. C. d. Payment of note payable is $12,000. e. Payment of dividends is $11,000. f. From the balance sheet September 30 2024 2023 Net Cash Provided by (Used for) Investing Activities Cash $ 34,000 $ 14,600 Cash Flows from Financing Activities: Accounts Receivable Merchandise Inventory Land 47,000 96,000 59,000 93,000 75,000 101,000 149,000 30,000 Plant Assets Accumulated Depreciation (53,000) (25,000) Net Cash Provided by (Used for) Financing Activities Accounts Payable 31,000 22,000 Net Increase (Decrease) in Cash Accrued Liabilities 14,000 19,000 Cash Balance, September 30, 2023 13,000 12,000 Notes Payable (long-term) Common Stock, no par Retained Earnings 42,000 8,000 Cash Balance, September 30, 2024 248,000 211,600 Non-cash Investing and Financing Activities: Print Total Non-cash Investing and Financing Activities Done
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
The income statement and additional data of minerals plus inc follows: prepare minerals plus's statement of
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
