The income statement and additional data of Floral World

Inc #6004
The income statement and additional data of Floral World, Inc., follow:Additional data:a.
Collections from customers are $30,000 more than sales.b. Payments to suppliers are $1,000
more than the sum of cost of goods sold plus advertising expense.c. Payments to employees
are $1,000 more than salary expense.d. Dividend revenue, interest expense, and income tax
expense equal their cash amounts.e. Acquisition of plant assets is $150,000. Of this amount,
$101,000 is paid in cash and $49,000 by signing a note payable.f. Proceeds from sale of land
total $24,000.g. Proceeds from issuance of common stock total $30,000.h. Payment of long-
term note payable is $15,000.i. Payment of dividends is $11,000.j. Cash balance, June 30,
20X5, was $20,000.Required1. Prepare Floral World, Inc.'s, statement of cash flows and
accompanying schedule of noncash investing and financing activities. Report operating
activities by the direct method.2. Evaluate Floral World's cash flows for the year. In your
evaluation, mention all 3 categories of cash flows and give the reason for your evaluation.View
Solution:
The income statement and additional data of Floral World Inc

ANSWER
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