DE 17-19 Exterra Communications reported the following financial statements for 20X3: EXTERRA COMMUNICATIONS Income Statement Year Ended
Question:
DE 17-19 Exterra Communications reported the following financial statements for 20X3: EXTERRA COMMUNICATIONS Income Statement Year Ended June 30, 20X3 Sales revenue... Cost of goods sold Depreciation expense. Salary expense..... Other expenses, including income taxes. Total expenses. Net income Thousands $660 $340 40 50 150 580 $ 80 Thousands. Assets EXTERRA COMMUNICATIONS Comparative Balance Sheet June 30, 20X3 and 20X2 20X3 20X2 Liabilities 20X3 20X2 Current: Current: Cash. $ 39 $ 16 Accounts payable. Accounts receivable. 54 48 Salary payable. $.53 25 542 21 Inventory. 80 841 Accrued liabilities. 6 11 Prepaid expenses 3 2 Long-term notes payable. 63 68 Long-term investments. 85 90 Plant assets, net... 215 185 Stockholders' Equity Common stock... Retained earnings. 40 37 289 246 Total 5476 $425 Total 5476 5425 Additional data during 20X3:
a. Exterra purchased no investments.
b. Exterra sold no plant assets.
c. Exterra had only one long-term note payable transaction.
d. Exterra had only one common stock transaction. Prepare Exterra Communications' statement of cash flows for the year ended June 30, 20X3. Exterra uses the indirect method for operating activities. Use Exhibit 17-14 (page 6751 as a guide. Using an actual company's statement of cash flows
Step by Step Answer:
Accounting
ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones