Prepare the Statement of Cash flows for the year ended June $30,2021$ using the Direct Method. Hint Use the Cash T$-$account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. UPPERCHURCH INCORPORATED

Comparative Balance Sheets

June $30,2021$ and $2020$

$20212020$

Assets

Cash $ $113,400$ $ $59,200$

Accounts receivable, net $76,00059,000$

Inventory $65,00090,000$

Prepaid expenses $5,0006,200$

Total current assets $259,400214,400$

Equipment $150,000139,000$

Accumulated depreciation$$Equipment $(39,000)(13,000)$

Total assets $ $370,400$ $ $340,400$

Liabilities and Equity

Accounts payable $ $28,000$ $ $34,000$

Wages payable $7,00018,000$

Income taxes payable $4,9005,400$

Total current liabilities $39,90057,400$

Notes payable $($long term$)35,00070,000$

Total liabilities $74,900127,400$

Equity

Common stock, $$5$ par value $250,000180,000$

Retained earnings $45,50033,000$

Total liabilities and equity $ $370,400$ $ $340,400$

UPPERCHURCH INCORPORATED

Income Statement

For Year Ended June $30,2021$

Sales $ $787,000$

Cost of goods sold $481,000$

Gross profit $306,000$

Operating expenses

Depreciation expense $ $67,000$

Other expenses $75,000$

Total operating expenses $ $142,000$

$164,000$

Other gains $($losses$)$

Gain on sale of equipment $3,100$

Income before taxes $167,100$

Income taxes expense $51,150$

Net income $ $115,950$Prepare the Statement of Cash flows for the year ended June $30,2021$ using the Direct Method. Hint Use the Cash Taccount on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values.

Post$-$closing

$\backslash$table$[[$UPPERCHURCH INCORPORATED$],[$Statement of Cash Flows $($Direct Method$)],[$For Year Ended June $30,2021],[$Cash flows from operating activities:$],[$C$,$$$31,000ox,],[p,777,000ox,],[p,491,000,],[$F$,1,000,],[,,],[,,$$$1,300,000$