Prepare a statement of cash flows for the year ended June 30, 2017, using indirect method.
3e, 2817 281 6 Assets Cash Accounts receivable, net Inventory 183,998s 58,98 57,806 95,580 6,680 252,700 299,180 121,800 30,600) II32 900) 352,780 $318,180 74,800 iTotal current assets 138,000 Total assets Liabillities and Equity Accounts payable Wages payable Incone taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Comon stock, $5 par value Retained earnings s31,88 39,eee 16,200 6,600 4 899 36,890 6e, 2e0 66.ee6e 77,6ee17 5 126, 280 232,eee6,eee Total liabilities and equity $352, 7ee$318,180 Income Statement Sales Cost of goods sold Gross profit Operating expenses $788,88e 417,e0ee 291,090 Depreciation expense $64,668 73-888 Other expenses Total operating expenses 37.60e 153,480 Other gains (losses) sain on sale of equipment Incone before taxes Incone taxes expense Net incone 156 , 44.490 $111,s1e a. A $30.000 note payable is retired at its $30,000 carrying (book) value in exchange for cash b. The ony changes affecting retained eamings are net income and cash dividends paid e. New equloment is acquired for $63.500 cesh d. Received cash for the sale of equipment that had cost $54.600. yielding a $2.600 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement A1 purchases and sales of inventory are on credit. 3e, 2817 281 6 Assets Cash Accounts receivable, net Inventory 183,998s 58,98 57,806 95,580 6,680 252,700 299,180 121,800 30,600) II32 900) 352,780 $318,180 74,800 iTotal current assets 138,000 Total assets Liabillities and Equity Accounts payable Wages payable Incone taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Comon stock, $5 par value Retained earnings s31,88 39,eee 16,200 6,600 4 899 36,890 6e, 2e0 66.ee6e 77,6ee17 5 126, 280 232,eee6,eee Total liabilities and equity $352, 7ee$318,180 Income Statement Sales Cost of goods sold Gross profit Operating expenses $788,88e 417,e0ee 291,090 Depreciation expense $64,668 73-888 Other expenses Total operating expenses 37.60e 153,480 Other gains (losses) sain on sale of equipment Incone before taxes Incone taxes expense Net incone 156 , 44.490 $111,s1e a. A $30.000 note payable is retired at its $30,000 carrying (book) value in exchange for cash b. The ony changes affecting retained eamings are net income and cash dividends paid e. New equloment is acquired for $63.500 cesh d. Received cash for the sale of equipment that had cost $54.600. yielding a $2.600 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement A1 purchases and sales of inventory are on credit
