The income statement and additional data of Four Season, Inc., follow Requiremen

Question

The income statement and additional data of Four Season, Inc., follow 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 yor evaluation, mention al three categories of cash flows and give the reason for your evaluation. (Click the icon to view the income statement.) 0 Click the icon to view the additional data.) Data Table Net cash provided by (used for) operating activites 68,500 Cash flows from investing activities: More Info $ (151,000) Acquisition of plant assets Proceeds from sale of land Four Season, Inc. Income Statement Year Ended April 30, 2016 Net cash provided by (used for) investing activities (124,000)Additional data a. Collections 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 Cash flows from tinancing activities: S 78,000 (14,000) Sales revenue S 242,000 Proceeds from issuance of common stock Payment of long-term note payable Payment of dividends advertising expense. C. Payments to employees are $1,7OD less than salary expense d. Dividend revenue, interest expense, and income tax expense equal their cash Dividend revenue 11.500s 253,500 amounts Expenses e. Acqusition of plant assets Is $211,000. or this amount, $151,000 is paid in Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense 54.500 102,000 50,000 30,000 10,000 2,100 Net cash provided by (used for) financing activties Net increase (decrease) in cash Cash balance, April 30, 2015 Cash balance, Aoril 30, 2016 Noncash investing and financing activities: Accuisition of plant assets by issuing note payable and $80,000 by signing a long-term note payable f. Proceeds from sale of land total $27,000 g. Proceeds from issuance of common stock total $T8,000 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. ,000 203,100 S 50,400 Print Done Net income Choose from any list or enter any number in the input fields and then click Check Answer Print Done Clear All

Explanation / Answer

1 Net cash provided by (used for) operating activities 68500 2 Net cash provided by (used for) investing activities -124000 3 Net cash provided by (used for) financing activities 54500 Net increase(decrease) in cash (1+2+3) -1000 Cash balance April 30 2015 27000 Cash balance April 30 2016 26000 Acquisition of plant assets by issuing note payable 60000

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