Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) LOOK BELOW FOR INCOME STAT AND ADDITIONAL INFO

Energy Plus, Inc.

Income Statement

Year Ended September 30, 2016

Sales Revenue $235,000

Cost of Goods Sold 99,000

Gross Profit 136,000

Operating Expenses:

Salaries Expense $58,000

Depreciation Expense—Plant Assets 24,000

Total Operating Expenses 82,000

Net Income Before Income Taxes 54,000

Income Tax Expense 7,000

Net Income $ 47,000

a. Acquisition of plant assets is $123,000. Of this amount, $110,000 is paid in cash and $13,000 by signing a note payable.

b. Cash receipt from sale of land totals $27,000. There was no gain or loss.

c. Cash receipts from issuance of common stock total $28,000.

d. Payment of note payable is $12,000.

e. Payment of dividends is $8,000.

f. From the balance sheet:

	September 30
	2016		2015
Cash	$32,000		$17,000
Accounts Receivable	42,000		54,000
Merchandise Inventory	97,000		94,000
Plant Assets	183,000		60,000
Accumulated Depreciation	(39,000)		(15,000)
Land	58,000		85,000
Accounts Payable	35,000		21,000
Accrued Liabilities	13,000		17,000
Notes Payable (long-term)	13,000		12,000
Common Stock, no par	34,000		6,000
Retained Earnings	278,000		239,000

Answer rating: 100% (QA)

Statement of Cash Flow Particulars Amount Total Amount Income 4700000 Adju... View the full answer