The income statement and additional data of Four Season, Inc., follow E (Click the icon to...

 

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The income statement and additional data of Four Season, Inc., follow E (Click the icon to view the incomo statement.) a (Click the icon to view the additional data.) Requirements 1. Prepare Four Season, Inc.'s statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. 2. Evaluate Four Season's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Four Season, Inc. Statement of Cash Flows (Direct Method) Year Ended April 30, 2016 Additional data: Cash flows from operating activities: a. Colections from customers are $15.000 less than sales. b. Payments to suppliers are $1,400 less than the sum of cost of goods sold plus advertising expense c. Payments to employees are $1,700 less than salary excense. d. Dividend revenue, interest expense, and income tax expense equal their cash Receipts Collections from customers 257000 X Collection of dividend revenue 11.500 amounts. Total cash receipts 268500X e. Acquisition of plant assets is S211,000. Of this amount, $151,000 is paid in cash and $60,000 by signing a long-term note payable. t. Proceeds from sale of land total $27,000. g. Proceeds from issuance of common stock total S78,000. h. Payment of a long-term note payable is $14,000. i. Payment of dividends is $9,500 J. Cash balance, April 30, 2015, was $27,000. Payments To suppliers (110,600) To employees (51700)A For income tax (9,000) For interest (2,100) 173400X Total cash payments Net cash provided by (used for) operating activities 95100 Four Season, Inc. Income Statement Year Ended April 30, 2016 Revenues: Sales revenue 242.000 Dividend revenue 11,500 s 253,500 Expenses. Cost of goods sold 102,000 Salary expense 50,000 Depreciation expense 30,000 Advertising expense 10,000 Interest expense 2,100 9.000 203, 100 Income tax expense $ 50,400 Net income The income statement and additional data of Four Season, Inc., follow E (Click the icon to view the incomo statement.) a (Click the icon to view the additional data.) Requirements 1. Prepare Four Season, Inc.'s statement of cash flows and accompanying schedule of noncash investing and financing activities. Report operating activities by the direct method. 2. Evaluate Four Season's cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. Four Season, Inc. Statement of Cash Flows (Direct Method) Year Ended April 30, 2016 Additional data: Cash flows from operating activities: a. Colections from customers are $15.000 less than sales. b. Payments to suppliers are $1,400 less than the sum of cost of goods sold plus advertising expense c. Payments to employees are $1,700 less than salary excense. d. Dividend revenue, interest expense, and income tax expense equal their cash Receipts Collections from customers 257000 X Collection of dividend revenue 11.500 amounts. Total cash receipts 268500X e. Acquisition of plant assets is S211,000. Of this amount, $151,000 is paid in cash and $60,000 by signing a long-term note payable. t. Proceeds from sale of land total $27,000. g. Proceeds from issuance of common stock total S78,000. h. Payment of a long-term note payable is $14,000. i. Payment of dividends is $9,500 J. Cash balance, April 30, 2015, was $27,000. Payments To suppliers (110,600) To employees (51700)A For income tax (9,000) For interest (2,100) 173400X Total cash payments Net cash provided by (used for) operating activities 95100 Four Season, Inc. Income Statement Year Ended April 30, 2016 Revenues: Sales revenue 242.000 Dividend revenue 11,500 s 253,500 Expenses. Cost of goods sold 102,000 Salary expense 50,000 Depreciation expense 30,000 Advertising expense 10,000 Interest expense 2,100 9.000 203, 100 Income tax expense $ 50,400 Net income

Answer rating: 100% (QA)

Collection from Customers 15000 less than Sales Sales 15000 242000 15000 Collection from Customers 2... View the full answer