PREPARE A BALANCE SHEET
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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PREPARE A
![Additional data follow:
A. Acquisition of plant assets is P124,000. Of this amount, P108,000 is paid in cash and P16,000 by
signing a note payable.
B. Cash receipt from sale of land totals P20,000. There was no gain or loss.
C. Cash receipts from issuance of common stock total P36,000.
D. Payment of notes payable is P15,000.
E. Payment of dividends is P5,000.
F. From the balance sheet:
September 30
2018
2017
Cash
P 39,000
P 13,000
Accounts Receivable
46,000
61,000
Merchandise Inventory
94,000
88,000
Land
82,000
102,000
Plant Assets
214,000
90,000
Accumulated Depreciation
(61,000)
(34,000)
Accounts Payable
32,000
15,000
Accrued Liabilities
12,000
20,000
Notes Payable (long-term)
16,000
15,000
Common Stock, no par
40,000
4,000
Retained Earnings
314,000
266,000
Prepare Boost 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd9cefa64-2ca4-4e18-a050-7761cdb2ea32%2F0b61a4a3-5ca6-4546-9299-7f5aea410fb4%2Fdn7s8ac_processed.png&w=3840&q=75)
Transcribed Image Text:Additional data follow:
A. Acquisition of plant assets is P124,000. Of this amount, P108,000 is paid in cash and P16,000 by
signing a note payable.
B. Cash receipt from sale of land totals P20,000. There was no gain or loss.
C. Cash receipts from issuance of common stock total P36,000.
D. Payment of notes payable is P15,000.
E. Payment of dividends is P5,000.
F. From the balance sheet:
September 30
2018
2017
Cash
P 39,000
P 13,000
Accounts Receivable
46,000
61,000
Merchandise Inventory
94,000
88,000
Land
82,000
102,000
Plant Assets
214,000
90,000
Accumulated Depreciation
(61,000)
(34,000)
Accounts Payable
32,000
15,000
Accrued Liabilities
12,000
20,000
Notes Payable (long-term)
16,000
15,000
Common Stock, no par
40,000
4,000
Retained Earnings
314,000
266,000
Prepare Boost 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.
![BOOST PLUS, INC.
Income Statement
Year Ended September 30, 2018
Net Sales Revenue
P 231,000
Cost of Goods Sold
94,000
Gross Profit
137,000
Operating Expenses:
Salaries Expense
P54,000
Depreciation Expense – Plant Assets
27,000
Total Operating Expense
81,000
Net Income before Income Taxes
56,000
Income Tax Expense
3,000
P 53,000
Net Income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd9cefa64-2ca4-4e18-a050-7761cdb2ea32%2F0b61a4a3-5ca6-4546-9299-7f5aea410fb4%2Fx8c62ya_processed.png&w=3840&q=75)
Transcribed Image Text:BOOST PLUS, INC.
Income Statement
Year Ended September 30, 2018
Net Sales Revenue
P 231,000
Cost of Goods Sold
94,000
Gross Profit
137,000
Operating Expenses:
Salaries Expense
P54,000
Depreciation Expense – Plant Assets
27,000
Total Operating Expense
81,000
Net Income before Income Taxes
56,000
Income Tax Expense
3,000
P 53,000
Net Income
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