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Please help me prepare the statement of cash flows for the year ended using the direct method ....Thank you I do not need indirect method
Please help me prepare the statement of cash flows for the year ended using the direct method....Thank you
I do not need indirect method
The following financial statements and additional information are reported: IKIBAN INC IKIBAN INC Income Statement Comparative Balance Sheets For the ear ended June 30, 2013 June 30, 2013 and 2012 $678,000 Sales 2013 2012 Cost of goods sold 411.000. Assets 267,000 $87,500 $44,000 Gross profi Cash Operating expenses Accounts receivable, net 65.000 51,000 $67,000 Other expenses inventory 63.800 86,500 Depreciation expense 58.600 Prepaid expenses 4,400 5.400 Total operating expenses Equipment 124,000 115.000 141,400 Accum. Depreciation Equipment C27.000) (9.000) $317700 $292,900 Gain on sale of equipment 2.000 Total Assets Income before taxes 143,400 Income taxes expense 43.890 Liabilities and equity $25,000 $30,000 Net Accounts payable ncome Wages payable 6,000 5,000 Income taxes payable 3,400 3.800 Prepare a statement of cash flows for the year Notes payable (long-term) 30.000 60,000 ende Jul ne 30, 2013 using the indirect method. Common stock, $5 par value 220.000 160.000 Retained earnings 33.300 24.100 $317700 $292.900 Total Liabilities and Equity 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 $57,600 cash d. Received cash for the sale of equipment that had cost $48,600 yielding a $2,000 gain e. Prepaid expenses and Wages payable relate to Other expenses on the income statement. f. All purchases and sales of merchandise inventory are on credit Req-- #1 Prepare Statement of cashflow for year ended June 30,2015 using the indirect method. #2. Compute the company's cash flow on total asset ratio for it's fiscal year 2015Step by Step Solution
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