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882 chapter 16 Learning Objective 4 /E16A-28 Prepari ng the statement of cash flows-direct method Appendix 16A The income statement and additional data of Value Corporation follow: Net Cash Prov. by Op Act. $76,000 VALUE CORPORATION Income Statement Year Ended June 30, 2018 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 233,000 104,000 129,000 Salaries Expense Depreciation Expense-Plant Assets Advertising Expense Total Operating Expenses $ 48,000 21,000 12,000 81,000 48,000 Operating Income Other Income and (Expenses): 7,000 Dividend Revenue Interest Expense Total Other Income and (Expenses) 2,500) Net Income Before Income Taxes Income Tax Expense Net Income 4,500 52,500 7,500 S 45,000 a. Collections from customers are $13,000 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expensc d. Payments to employees are $3,000 more than salaries expense e. Cash payment for the acquisition of plant assets is $102,000. f. Cash receipts from sale of land total $29,000. g. Cash receipts from issuance of common stock total $38,000. h. Payment of long-term notes payable is $10,000. i. Payment of dividends is $9,000. j. Cash balance at June 30, 2017, was $21,000, at June 30, 2018, it was $43,000. Prepare Value Corporation's statement of cash flows for the year ended June 30, 2018. Use the direct method

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