882 chapter 16 Learning Objective 4 Appendix 16A E16A-28 Preparing the statement of cash flow, direct method The income statement and addisional data of Value Corporation follow: Net Cash Prox by O Act. 576.000 Year Ended June 30, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses 233000 104,000 29,000 Salaries Expense Depreciation Expense-Plant Assets 5 48,000 21,000 12,000 tising Expense Total Operating Expenses 81,000 Operating Income Other Income and (Expenses): 7,000 Dividend Revenue Interest Expense Total Other Income and (Expenses Net Income Before Income Taxes Income Tax Expense Net Income 4,500 52,500 7,500 s 45,000 a. Collections from customers are $13,000 more than sales. b. Dividend revenuc, interest expense, and income tax expense equal their cash c. Payments to suppliers are the sum of cost of goods sold plus advertising expense d. Payments to employees are $3,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $102,000. f. Cash receipts from sale of land total $29,000. Cash receipts from issuance of common stock total $38,000. h. Payment of long-term notes payable is $10,000. i. Payment of dividends is $9,000, j. Cash balance atJune 30, 2017, was$21,000, atJune 30, 2018,itwas$43,00. Prepare Value Corporation's statement of cash flows for the year ended June 30, 2018 Use the dindt method. Learning Objective 4 E16A-29 Computing cash flow items-direct method Appendix 16A Consider the following facts: 1. Cash Receipts from Cust. $72,000 Beginning and ending Accounts Receivable are $24,000 and $20,000, respectiveby Credit sales for the period total $68,000. b. Cost of goods sold is $77,000