Prepare cash flows using direct method. Thanks. One Stop Corporation Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Collections from customers $17,000 more than sales dividend revenue, interest expense, and income tax expense equal cash amounts. payments to suppliers are sum of cost of goods sold plus advertising expense. d payments to employees are $1,500 more than salaries expense. Cash payment for acquisition of plant assets is $103,000. cash receipts from sale of land total $24,000 cash receipts from issuance of common stock total $33,000 PAYMENT OF long term notes payable $11,000 payment of dividends is $12,500 cash balance at June 30, 2017 was $26,000 at June 30, 2018 was $40,000 One stop corporation Income statement Year ended June 30, 2018 net sales revenue $224,000 cost of goods sold 102,000 gross profit $122,000 operating expenses salaries expense $41,000 depreciation expense-plant assets 28,000 advertising expense 9,500 total operating expenses 78,500 operating income 43,500 other income and expenses dividend revenue 8,000 interest expense (3,000) total other income and exp 5,000 net income before income taxes 48,500 income tax expense 8,500 net income $40,000
Prepare
One Stop Corporation
Statement of Cash Flows
Year Ended June 30, 2018
Cash Flows from Operating Activities:
Receipts:
Total Cash Receipts
Payments:
Total Cash Payments
Net Cash Provided by (Used for) Operating Activities
- Collections from customers $17,000 more than sales
- dividend revenue, interest expense, and income tax expense equal cash amounts.
- payments to suppliers are sum of cost of goods sold plus advertising expense.
d payments to employees are $1,500 more than salaries expense.
- Cash payment for acquisition of plant assets is $103,000.
- cash receipts from sale of land total $24,000
- cash receipts from issuance of common stock total $33,000
- PAYMENT OF long term notes payable $11,000
- payment of dividends is $12,500
- cash balance at June 30, 2017 was $26,000
at June 30, 2018 was $40,000
One stop corporation
Income statement
Year ended June 30, 2018
net sales revenue $224,000
cost of goods sold 102,000
gross profit $122,000
operating expenses
salaries expense $41,000
advertising expense 9,500
total operating expenses 78,500
operating income 43,500
other income and expenses
dividend revenue 8,000
interest expense (3,000)
total other income and exp 5,000
net income before income taxes 48,500
income tax expense 8,500
net income $40,000
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