The income statement of Minerals Plus, Inc. follows
accounting teacherE14-17 The income statement of Minerals Plus, Inc. follows:
Minerals Plus, Inc. | ||
Income Statement | ||
Year Ended September 30,2012 | ||
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|
|
Revenues: |
|
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Service revenue |
| $235,000 |
Expenses: |
|
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Cost of goods sold | $97,000 |
|
Salary expense | $57,000 |
|
Depreciation expense | $26,000 |
|
Income tax expense | $4,000 | $184,000 |
Net income |
| $51,000 |
Additional data follow:
a. Acquisition of plant assets is $118,000. Of this amount $100,000 is paid in cash and $18,000 by signing a note payable.
b. Cash receipts from sale of land totals $28,000. There was no gain or loss.
c. Cash receipts from issuance of common stock total $29,000.
d. Payment of note payable is $18,000.
e. Payment of dividends is $8,000.
f. From the balance sheet:
| Sept. 30 |
|
| 2012 | 2011 |
Current Assets: |
|
|
Cash | $30,00 | $8,000 |
Accounts receivable | $41,000 | $59,000 |
Inventory | $97,000 | $93,000 |
Current Liabilities: |
|
|
Accounts payable | $30,000 | $17,000 |
Accrued liabilities | $11,000 | $24,000 |
Compute DVD’s net cash provided by (used for) operating activities during July. Use the indirect method.
10 years ago
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