Question: Hello tutor, I need assistance with these two question please. Thank you! The 2018 income statement and comparative balance sheet of Cobbs Hill, Inc. follow:
Hello tutor, I need assistance with these two question please. Thank you!
The 2018 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: i (Click the icon to view the additional information.) EE(Click the icon to view the income statement.) Read the requirements. (Click the icon to view the comparative balance sheet.) Requirement 1. Prepare the 2018 statement of cash flows, formatting operating activities by the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities Cobbs Hill, Inc. X X Data table Data table Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Cobbs Hill, Inc. Cobbs Hill, Inc. Net Income Income Statement Comparative Balance Sheet Adjustments to Reconcile Net Income to Net Cash Year Ended December 31, 2018 December 31, 2018 and 2017 Provided by (Used for) Operating Activities: Net Sales Revenue $ 437,000 2018 2017 208,200 Assets Cost of Goods Sold Gross Profit 228,800 Current Assets: Cash S 26,800 $ 15,400 Operating Expenses: 26,900 Salaries Expense 75,400 Accounts Receivable 25, 100 80,000 91,300 Depreciation Expense-Plant Assets 14,300 Merchandise Inventory Long-term Assets: Other Operating Expenses 10,100 Land 35,300 15,000 Total Operating Expenses 99,800 Net Cash Provided by (Used for) Operating Activities Plant Assets 117,310 107,380 Operating Income 129,000 Accumulated Depreciation-Plant Assets (17,410) (14,680) X Other Income and (Expenses): 268,900 $ 239,500 More info Interest Revenue 8,300 Total Assets (21,900) Liabilities Interest Expense Additionally, Cobbs Hill purchased land of $20,300 by financing it 100% with Total Other Income and (Expenses) 13,600) Current Liabilities: long-term notes payable during 2018. During the year, there were no sales of land, Accounts Payable S 35,000 $ 30,700 no retirements of stock, and no treasury stock transactions. A plant asset was Net Income Before Income Taxes 115,400 disposed of for $0. The cost and accumulated depreciation of the disposed asset 28,200 30,900 19,300 Accrued Liabilities was $11,570. The plant acquisition was for cash. Income Tax Expense Long-term Liabilities: 100,000 Notes Payable 77,000 Total Liabilities 140,200 161,600 Done Print Done Print Stockholders' Equity Common Stock, no par 88, 100 64,200 40,600 13,700 Retained Earnings 77,900 Total Stockholders' Equity 128,700 268,900 $ 239,500 Total Liabilities and Stockholders' Equity Print Done Help me solve this Demodocs example Get more help -The income statement and additional data of Health Plus, Inc. follows: (Click the icon to view the income statement.) i (Click the icon to view the additional data.) Prepare Health Plus's statement of cash flows for the year ended September 30, 2018, using the indirect method. Include a separate section for non-cash investing and financing activities. Complete the statement one section at a time, beginning with the cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Health Plus, Inc. Statement of Cash Flows X Year Ended September 30, 2018 More info Data table Cash Flows from Operating Activities: Net Income a. Acquisition of plant assets is $120,000. Of this amount, $107,000 is paid in Adjustments to Reconcile Net Income to Net Cash cash and $13,000 by signing a note payable. Health Plus, Inc. Provided by (Used for) Operating Activities: b. Cash receipt from sale of land totals $23,000. There was no gain or loss. Income Statement c . Cash receipts from issuance of common stock total $30,000. Year Ended September 30, 2018 d. Payment of note payable is $12,000. Net Sales Revenue 230,000 e. Payment of dividends is $10,000. 98,000 From the balance sheet: Cost of Goods Sold September 30 Gross Profit 132,000 2018 2017 Operating Expenses: Cash 37,000 $ 36,000 Salaries Expense $ 58,000 Accounts Receivable 45,000 57,000 Depreciation Expense-Plant Assets 24,000 Net Cash Provided by (Used for) Operating Activities Merchandise Inventory 97,000 90,000 82,000 Total Operating Expenses Land 72,000 95,000 Net Income Before Income Taxes 50,000 Plant Assets 185,000 65,000 8,000 Income Tax Expense Accumulated Depreciation (49,000) (25,000) $ 42,000 40,000 25,000 Net Income Accounts Payable Accrued Liabilities 16,000 25,000 Notes Payable (long-term) 13,000 12,000 Common Stock, no par 43,000 13,000 Print Done Retained Earnings 275,000 243,000 Print Done
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