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Enola Enterprises
Income Statement
Year Ended Ended June 30, 2020
DescriptionAmountTotal
Sales Revenue228,000
Cost of Goods Sold104,000Single line
Gross ProfitSingle line124,000
Subcategory,Operating Expenses:
Salaries Expense48,000
Advertising Expense12,000
Depreciation Expense-Plant Assets25,000Single lineSingle line
Total Operating ExpensesSingle line85,000Single line
Income From OperationsSingle line39,000
Subcategory,Other Income (Expenses)
Dividend Revenue10,800
Interest Expense-3,200Single lineSingle line
Total Other Income (Expenses)Single line7,600Single line
Net Income Before Income TaxesSingle line46,600
Income Tax Expense8,000Single line
Net IncomeSingle line38,600

 

Additional data follow:

a) Collections from customers are $15,000 more than sales.

b) Dividend revenue, interest expense, and income tax expense equal their cash amounts.

c) Payments to suppliers are the sum of cost of goods sold plus advertising expense.

d) Payments to employees are $1,700 more than salaries expense.

e) Cash payment for the acquisition of plant assets is $106,000.

f) Cash receipts from sale of land total $25,000.

g) Cash receipts from issuance of common stock total $32,000.

h) Payment of long-term notes payable is $18,000.

i) Payment of dividends is $13,000.

j) Cash balance at June 30, 2019, was $26,000; at June 30, 2020, it was $23,000.

Prepare Enola Enterprises statement of cash flows for the year ended June 30, 2020, using the direct method.

Enola Enterprises
Statement of Cash Flows - Direct Method
For Year Ending June 30, 2020
DescriptionAmountTotal
Subcategory,Cash Flows for Operating Activities:
Subcategory,Receipts:
Single lineSingle line
Total Cash ReceiptsSingle line
Subcategory,Payments:
Single lineSingle line
Total Cash PaymentsSingle lineSingle line
Net Cash Provided by Operating ActivitiesSingle line
Subcategory,Cash Flows from Investing Activities:
Single lineSingle line
Net Cash Used for Investing ActivitiesSingle line
Subcategory,Cash Flows from Financing Activities:
Single lineSingle line
Net Cash Provided by Financing ActivitiesSingle lineSingle line
Net Increase (Decrease) in CashSingle line
Single line
Cash Balance, June 30, 2020Single lineDouble line