Nikki's Labs, Inc Income Statement Year Ended September 30, 2020 Sales Revenue Cost of Goods Sold...

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Nikki's Labs, Inc Income Statement Year Ended September 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit 233,000 91,000 142,000 Operating Expenses: Salaries Expense 54,000 Depreciation Expense-Plant Assets 23,000 Total Operating Expenses 77,000 Net Income Before Income Taxes 65,000 Income Tax Expense Net Income 11,000 54,000 Additional data follow: a. Acquisition of plant assets is $120,000. Of this amount, $101,000 is paid in cash and $19,000 by signing a note payable. b. Cash receipt from sale of land totals $23,000. There was no gain or loss. c. Cash receipts from issuance of common stock total $32,000. d. Payment of notes payable is $18,000. e. Payment of dividends is $9,000. f. From the balance sheet: September 30 2020 2019 Cash 36,000 12,000 Accounts Receivable 44,000 65,000 Cash Accounts Receivable September 30 2020 2019 36,000 12,000 44,000 65,000 Merchandise Inventory 92,000 86,000 Plant Assets 204,000 50,000 Accumulated Depreciation -33,000 -13,000 Land 74,000 102,000 Accounts Payable 32,000 10,000 Accrued Liabilities 22,000 26,000 Notes Payable (long-term) 19,000 18,000 35,000 9,000 307,000 266,000 Common Stock Retained Earnings Prepare Nikki's Labs statement of cash flows for the year ended September 30, 2020, using the indirect method. Include a separate section for non-cash investing and financing activities Nikki's Labs Statement of Cash Flows - Indirect Method For Year Ending September 30, 2020 Cash Flows for Operating Activities: Adjustment to reconcile Net Income to Net Cash flow Changes in Operating Assets & Liabilities Net Cash provided by Operating Activities Cash Flows from Investing Activities: Net Cash used for Investing Activities Cash Flows from Financing Activities: Net Cash provided by Financing Activities Net Increase (Decrease) in Cash Cash Balance September 30, 2020 Non-Cash Financing Activties: Total Non-Cash Investing & Financing Activities Nikki's Labs, Inc Income Statement Year Ended September 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit 233,000 91,000 142,000 Operating Expenses: Salaries Expense 54,000 Depreciation Expense-Plant Assets 23,000 Total Operating Expenses 77,000 Net Income Before Income Taxes 65,000 Income Tax Expense Net Income 11,000 54,000 Additional data follow: a. Acquisition of plant assets is $120,000. Of this amount, $101,000 is paid in cash and $19,000 by signing a note payable. b. Cash receipt from sale of land totals $23,000. There was no gain or loss. c. Cash receipts from issuance of common stock total $32,000. d. Payment of notes payable is $18,000. e. Payment of dividends is $9,000. f. From the balance sheet: September 30 2020 2019 Cash 36,000 12,000 Accounts Receivable 44,000 65,000 Cash Accounts Receivable September 30 2020 2019 36,000 12,000 44,000 65,000 Merchandise Inventory 92,000 86,000 Plant Assets 204,000 50,000 Accumulated Depreciation -33,000 -13,000 Land 74,000 102,000 Accounts Payable 32,000 10,000 Accrued Liabilities 22,000 26,000 Notes Payable (long-term) 19,000 18,000 35,000 9,000 307,000 266,000 Common Stock Retained Earnings Prepare Nikki's Labs statement of cash flows for the year ended September 30, 2020, using the indirect method. Include a separate section for non-cash investing and financing activities Nikki's Labs Statement of Cash Flows - Indirect Method For Year Ending September 30, 2020 Cash Flows for Operating Activities: Adjustment to reconcile Net Income to Net Cash flow Changes in Operating Assets & Liabilities Net Cash provided by Operating Activities Cash Flows from Investing Activities: Net Cash used for Investing Activities Cash Flows from Financing Activities: Net Cash provided by Financing Activities Net Increase (Decrease) in Cash Cash Balance September 30, 2020 Non-Cash Financing Activties: Total Non-Cash Investing & Financing Activities