the income statement and additional data of floral world inc follow additional data 4375819

The income statement and additional data of Floral World, Inc., follow: Additional data: a. Collections from customers are $30,000 more than sales. b. Payments to suppliers are $1,000 more than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $1,000 more than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. e. Acquisition of plant assets is $150,000. Of this amount, $101,000 is paid in cash and $49,000 by signing a note payable. f. Proceeds from sale of land total $24,000. g. Proceeds from issuance of common stock total $30,000. h. Payment of long-term note payable is $15,000. i. Payment of dividends is $11,000. j. Cash balance, June 30, 20X5, was $20,000. Required 1. Prepare Floral World, Inc.’s, statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. 2. Evaluate Floral World’s cash flows for the year. In your evaluation, mention all 3 categories of cash flows and give the reason for your evaluation. View Solution:
The income statement and additional data of Floral World Inc

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