13 5.55 points dock Required information Exercise 16-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below) The following financial statements and additional information are reported. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash 97,900 $ 60.000 Accounts receivable, net 89,000 67,000 Inventory 79,800 Prepaid expens 4,000 110,500 8,600 Total current assets Tquipment 272,700 246,100 140,000 131,000 Accus. depreciation-Equipment 135,000) 117,000) References Total assets $377,700 $360,100 Liabilities and Equity Accounts payable $41,000 $54,000 Wages payable 7,600 18,200 Income taxes payable 5,000 7,000 Total current liabilities 53,600 79,200 Notes payable (long term) 46,000 16,000 Total liabilities 99,600 155,200 Equity Common stock, $5 par value 252,000 176,000 Retained earnings 26,100 28,900 Total liabilities and equity $377,700 $360,100 IRISAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Other expenses Depreciation expense Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense fet inco Additional Information $758,000 427,000 331,000 $74,600 83,000 157,600 173,400 3,600 177,000 45,490 $131,510 Ch 16 Problem Solving 13 173,440 other gaine (1) Gais on sale of equipment 3,400 Income before ta 177.000 Income taxes expe 45,490 555 $131.510 block Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash b. The only changes affecting retained eamings are net income and cash dividends paid. c. New equipment is acquired for $73,600 cash d. Received cash for the sale of equipment that had cost $64,600, yielding a $3,600 gain e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement All purchases and sales of inventory are on credit References Exercise 16-11 Part 1 Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019 (Amounts to be deducted should be indicated with a minus sign) BORAN, INC. Statement of Cash Flows Ondirect Method) For Year Ended June 30, 2019 1 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities income statement Rems not affecting cash Changes in oument operating assets and abilities $ Cash flows from investing activities 5.55 points Required information BOBAN, INC. Statement of Cash Flows (Indirect Method) For Year Erided June 30, 2019 Skippet Cash flows from operating activities Book Hint Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Print Changes in current operating assets and abilities References $ Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ O $ 0 Next >