- The Income Statement And Additional Data Of One Stop Inc Follow Click The Icon To View The Income Statement Read 1 (51.71 KiB) Viewed 9 times
The income
statement and additional data of One Stop, Inc., follow: (Click the icon to view the income
statement.) Read the requirements. Requirement 1. Prepare One Stop's
statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities using the direct method. Start by completing the cash flows from operating activities. Then complete the rest of the
statement of cash flows and accompanying schedule of noncash investing and financing activities. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) One Stop, Inc. - X
Statement of Cash Flows (Direct Method) Year Ended June 30, 2021 Cash flows from operating activities: Receipts: i (Click the icon to view the additional data.) Total cash receipts Payments: Total cash payments Net cash provided by (used for) operating activities More info Additional data: a. Collections from customers are $12,000 more than sales. b. Payments to suppliers are $2,100 more than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $1,800 more than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. e. Acquisition of plant assets is $206,000. Of this amount, $151,000 is paid in cash and $55,000 is financed by signing a long-term note payable. f. Proceeds from the sale of land totaled $24,000. g. Proceeds from the issuance of common stock totaled $78,000 h. Payment of a long-term note payable is $42,000. i. Payment of dividends is $8,500. j. Cash balance, June 30, 2020, was $23,000. Print Done Data table Revenues: One Stop, Inc. Income
Statement Year Ended June 30, 2021 Sales revenue Dividend revenue Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense Net income [ Print $ 254,000 9,000 102,000 44.000 - X Done $ 263,000 27,000 8,000 2,200 10,500 193.700 $ 69,300
Cash flows from operating activities: Receipts: Stop, Inc.
Statement of Cash Flows (Direct Method) Year Ended June 30, 2021 Total cash receipts Payments: Acquisition of plant assets Collections from customers Collection of dividend revenue For income tax For interest Payment of dividends Payment of long-term note payable Proceeds from issuance of common stock Proceeds from sale of land To employees To suppliers