Question

The income statement and additional data of Rolling Hills Corporation follow:

Prepare Rolling Hills Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method.

The income statement and additional data of Rolling Hills Corporation follow: 囲(Click the icon to view the Income Statement.) 0 (Click the icon to view the additional data) Prepare Rolling Hills Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. Rolling Hills Corporation Statement of Cash Flows Year Ended June 30, 2018 Cash Flows from Operating Activities Receipts Total Cash Receipts Payments Total Cash Payments Net Cash Provided by (Used for) Operating Activities

Answer 1

Answer

ROLLING HILLS, INC. Statement of Cash Flows Year Ended June 30 Cash Flows from Operating Activities: ceipts: Collections from Customers Dividend Received $245,000 7,500 S252.500 Payments; 123,000 45,000 5,000 7,000 To Suppliers 10 Emplovees For Interest For Income Tax Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Receipt from Sale of Land 180,000 72,500 21000 Acquisiton of Equipment Net Cash Used for Investing Activities (104,000) (83,000) Cash Flows from Financing Activities: Cash Receipt from Inssuance of Common Stock Cash Payment of Notes Payable Cash Payment of Dividends Net Cash Used for Financing Activities Net Increase (Decrease) in Cash Cash Balance, June, 30, 2017 Cash Balance, June, 30, 2018 34,000 (20,000) (9,500) 4,500 (6,000) 26,000 $20,000 Non-cash Investing and Financing Activities: