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need this done ASAP!! pls use same formating thx//use too photo for both parts pls dont answer one of them im not bouta waste this
need this done ASAP!! pls use same formating thx//use too photo for both parts pls dont answer one of them im not bouta waste this question// indirect vs. inderect method
The following financial statements and additional information are reported Comparative Balance Sheets June 30, 2017 and 2016 Assets s 93,700 s 67,800 74,886 86,880 121,8e 10,000 272,000 147,000 138,880 (20,508 $395,200 $389,508 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 99,588 6,700 38,500) (20 Liabilities and Equity Accounts payable s 48,808 64,508 8,3019,680 8,400 92,500 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 5,700 62,880 53,800 115,000 175,508 ,800 31,800 $395, 208 $389,580 266,800 183 4,208 INC Income Statement For Year Ended June 30, 2817 Sales Cost of goods sold Gross profit Operating expenses 5793,600 434,800 359,000 Depreciation expense $81,600 98.808 Other expenses Total operating expenses 171,680 187,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4, 380 191,780 46,190 $145,516 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 earnings are net income and cash dividends paid. c. New equipment is acquired for $80.600 cash. d. Received cash for the sale of equipment that had cost $71,600, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit Cash flows from operating activities Adjustments to reconaile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 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 Statement of Cash Flows (Direct Method) Cash flows from operating activities 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 Step by Step Solution
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