need help with filling in the numbers
Western Environmental Inc. Comparative Balance Sheet Information June 30 2020 2019 Cash $ 89,960 $ 32,000 Accounts receivable (net) 91,000 73,400 Inventory 80, 110 116, 110 Prepaid expenses 6,430 6,190 Equipment 151,000 139,000 Accumulated depreciation 32,600 7,000 Accounts payable 30, 200 37,400 Wages payable 7,400 18,200 Income taxes payable 2,830 4,270 Notes payable (long-term) 43,000 79,000 Common shares 271,000 211,000 Retained earnings 31, 470 9,830 ces $ 781,000 477,800 $303,200 Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses : Depreciation expense $ 70,270 Other expenses 80,350 Total operating expenses Profit from operations Gain on sale of equipment Profit before taxes 150,620 $152,580 1,400 $ 153,980 5 5A Thema avae $781,000 477,800 $ 303,200 Western Environmental Inc. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses : Depreciation expense $ 70,270 Other expenses 80,350 Total operating expenses Profit from operations Gain on sale of equipment Profit before taxes Income taxes Profit 150,620 $152,580 1,400 $153,980 52,580 $ 101,400 Required: Use the Western Environmental Inc. information given below to prepare a statement of cash flows for th using the indirect method. (List any deduction in cash and cash outflows as negative amounts.) a. A note is retired at carrying value. b. The only changes affecting retained earnings during 2020 are profit and cash dividends paid. c. New equipment is acquired during 2020 for $67,270. d. The profit on sale of equipment costing $55,270 during 2020 is $1,400. e. Prepaid expenses and wages expense affect other expenses on the income statement. f. All sales and purchases of merchandise were on credit. $ 101,400 WESTERN ENVIRONMENTAL INC. Statement of Cash Flows For Year Ended June 30, 2020 Cash flows from operating activities: Profit Adjustments to reconcile profit to net cash provided by operating activities: Decrease in accounts payable Increase in accounts receivable Decrease in income taxes payable Gain on sale of equipment Depreciation expense Increase in prepaid expenses Decrease in wages payable on Decrease in inventory 101,400 Net cash inflow from operating activities Cash flows from investing activities: Cash paid for new equipment $ 101,400 Net cash inflow from operating activities Cash flows from investing activities: Cash paid for new equipment Cash received from sale of old equipment 0 Net cash outflow from investing activities Cash flows from financing activities: Cash received from issuance of common shares Cash paid for dividends Cash paid to retire notes payable Cash balance at beginning of year Cash balance at end of year
