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GL1201 - Based on Exercise 12-11 LO P2, P3, A1 Use the following financial statements and additional information, 2018 TWININGS INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 61,800 Accounts receivable, net 81,000 Inventory 68,000 Prepaid expenses 6,100 Total current assets 216,900 Equipment 195,000 Accum. depreciation-Equipment ( 48,000) Total assets $363,900 Liabilities and Equity Accounts payable $ 31,000 Wages payable 7,000 Income taxes payable 4,500 Total current liabilities 42,500 Notes payable (long term) 40,000 Total liabilities 82,500 Equity Common stock, $5 par value 240,000 Retained earnings 41,400 Total liabilities and equity $363,900 $ 10,400 63,000 94,000 7,600 175,000 181,000 (16,000) $340,000 $ 38,000 17,000 5,000 60,000 80,000 140,000 170,000 30,000 $340,000 $1,038,000 635,000 403,000 TWININGS INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 87,000 Other expenses 103,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 190,000 213,000 6,900 219,900 67,310 152,590 $ Additional Information a. A $40,000 note payable is retired at its $40,000 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 $85,000 cash. d. Received cash for the sale of equipment that had cost $71,000, yielding a $6,900 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. TWININGS INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Amortization expense X Adjustments to reconcile net income to net cash Srovided by operating activities: Decrease in accounts payable Increase in accounts receivable Decrease in income taxes payable Decrease in inventory Decrease in prepaid expenses Decrease in wages payable Depreciation expense Gain on sale of equipment Loss on sale of equipment X Net cash provided by operating activities