Enola Enterprises
Income Statement
Year Ended Ended June 30, 2020

Description	Amount	Total
Sales Revenue		228,000
Cost of Goods Sold		109,000Single line
Gross Profit		Single line119,000
Subcategory,Operating Expenses:
Salaries Expense	44,000
Advertising Expense	10,000
Depreciation Expense-Plant Assets	26,000Single line	Single line
Total Operating Expenses		Single line80,000Single line
Income From Operations		Single line39,000
Subcategory,Other Income (Expenses)
Dividend Revenue	10,700
Interest Expense	-3,200Single line	Single line
Total Other Income (Expenses)		Single line7,500Single line
Net Income Before Income Taxes		Single line46,500
Income Tax Expense		9,000Single line
Net Income		Single line37,500

 

Additional data follow:

a) Collections from customers are $16,000 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 $1,500 more than salaries expense.

e) Cash payment for the acquisition of plant assets is $107,000.

f) Cash receipts from sale of land total $27,000.

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

h) Payment of long-term notes payable is $17,000.

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

Description	Amount	Total
Subcategory,Cash Flows for Operating Activities:
Subcategory,Receipts:
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers	Single line	Single line
Total Cash Receipts		Single line
Subcategory,Payments:
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers	Single line	Single line
Total Cash Payments		Single lineSingle line
Net Cash Provided by Operating Activities		Single line
Subcategory,Cash Flows from Investing Activities:
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers	Single line	Single line
Net Cash Used for Investing Activities		Single line
Subcategory,Cash Flows from Financing Activities:
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers	Single line	Single line
Net Cash Provided by Financing Activities		Single lineSingle line
Net Increase (Decrease) in Cash		Single line
Cash Balance, June 30, 2019Cash Payment of DividendsCash Payments of Notes PayableCash Purchases of Plant AssetsCash Receipts from issuance of StockCash Receipts from sale of LandCollections from CustomersDividends Received on InvestmentsFor InterestFor TaxesTo EmployeesTo Suppliers		Single line
Cash Balance, June 30, 2020		Single lineDouble line