Comparative Balance Sheets

At June se Assets Cash Accounts receivable, Inventory Prepaid expenses Total current assets Equipment Comparative Balance Sheets las,7e 198,e 12? ,e 118,e (28. see) (10 , see) 34S 2e $ 28,e s 34, see 111, see 226, ee 1S3,e 693,ee 2/9,ege 61 149, d'oe net s S Accumulated depreciationEquipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Income Statement a 48 S gas,2e 2021 69, see 66, see 7e 6,3e 38,ee 33 aeo 71,eo For Year Ended June 3B, 2e21 Sales Cost of goods sold Gross profit Cperating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net incorre Addltlonel Informetlon 202e sa,e 91,e 6, aeo S Bos, see IS, see 54, see 63 , aeo 2s aeo S BOS, See 414 egg 70, egg 19g e. A $30,000 notes payable is retired at its S30,OOO carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for S60.600 cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a SZ300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement f. All purchases and sees of inventory are on credit KEAN. INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Cash from cgers.ing sctwr.ies Adjustments to reconc& net incorre to net cash provided try cpersting :ctvties Income ststemert items not feeing cash Changes in current c;ersting assets and libilties Cash flus from investing actuibes Cash from finsncng sctivfts Net incresse (decresse) in cash Cash lsnce at prior yer-end Cash tlsnce t current ysr-end