50.1K

Verified Solution

Link Copied!

The income statement and additional data of Rolling Hills, Inc., follow. (Click the icon to view the income statement.) (Click the icon to view the additional data.) Read the requirements. Cash flows from operating activities: Receipts: Collection of dividend revenue Collections from customers Total cash receipts Payments: To suppliers 10,000 236,500 246,500 For income tax 117,000 9,000 4,800 For interest 44,000 To employees 174,800 Total cash payments Net cash provided by (used for) operating activities 73,000 i Data Table Rolling Hills, Inc. Income Statement Year Ended April 30, 2018 Revenues: Sales revenue $ 222,000 Dividend revenue 10,000 $ 232,000 Expenses Cost of goods sold 105,000 Salary expense 41,000 Depreciation expense 19,000 Advertising expense 12,000 Interest expense 4,800 9,000 190,800 Income tax expense $ 41,200 Net income ds and Print Done * o More Info dditional data: a. Collections from customers are $14,500 more than sales. b. Payments to suppliers are $1,700 less than the sum of cost of goods sold plus advertising expense. c. Payments to employees are $3,000 more than salary expense. d. Dividend revenue, interest expense, and income tax expense equal their cash amounts. e. Acquisition of plant assets is $137,000. Of this amount, $109,000 is paid in cash and $28,000 is financed by signing a long-term note payable. f. Proceeds from the sale of land totaled $20,000. g. Proceeds from the issuance of common stock totaled $93,000. h. Payment of a long-term note payable is $14,000. 1. Payment of dividends is $11,500. 1. Cash balance, April 30, 2017, was $23,000. Print [Done] Clear All

Answer & Explanation Solved by verified expert

See Answer