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The income statement and additional data of Minerals ​Plus, Inc.​ follows:
Prepare Minerals ​Plus's statement of cash flows for the year ended September ​30, 2024​, using the indirect method. Include a separate section for​ non-cash investing and financing activities.
Additional information:
a. Acquisition of plant assets is $115.000. Of this amount, $100,000 is paid in cash and S15,000 by signing a note payable.
b. Cash receipt from sale of land totals $21,000. There was no gain or loss.
c. Cash receipts from issuance of common stock total $28.000.
d. Payment of note payable is $14,000.
e. Payment of dividends is $6.000.
f. From the balance sheet:
September 30
2018 2017
Cash $35,000 $17,000
Accounts Receivable 40,000 54,000
Merchandise Inventory 98,000 94,000
Land 74,000 95,000
Plant Assets 185.000 50,000
Accumulated Depreciation (51.000) (22,000)
Accounts Payable 35,000 21,000
Accrued Liabilities 16,000 21,000
Notes Payable (long-term) 15.000 14,000
Common Stock, no par 41.000 13,000
Retained Earnings 255,000 219.000
Net Income

Sagot :

Tundexi

Answer:

                                   Minerals ​Plus, Inc.

                                 Cash Flow Statement

                      For year ended 31st December 2024

Cash Flows from Operating Activity  

Net Income                                                                   $42,000

Adjustments to reconcile net income to

net cash provided by operating activities  

Depreciation expense                              $29,000

Decrease in Accounts receivables          $14,000

Increase in Inventory                                $(4,000)  

Increase in Accounts Payable                  $14,000

Decrease in accrued liabilities                  $(5,000)    $48,000

Net cash provided Operating activities                    $90,000

Cash flows from Investing Activities

Sales of land                                               $21,000

Purchase of plant asset                             $(100,000)

Net Cash used by Investing activities                        $(79,000)

Cash Flows from Financing activities

Payments of dividends                              $(6,000)

Payment of notes payable                         $(14,000)

Issue of common stock                              $28,000

Net Cash Provided by Financing activities                 $8,000

Net Increase (Decrease) in Cash [A+B+C]                   $19,000

Cash at the beginning                                                     $17,000

Cash at the end                                                               $36,000

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