Preparing the Financial Statements

Listed below are items reported on the financial statements of the Irvine Company as of June $30,$ Year $2$:

Cash flow provided by operating activities $$39,000$

Cash at June $30,$ Year $18,000$

Cash at June $30,$ Year $238,000$

Inventory $5,500$

Accounts receivable $15,200$

Cash flow from investing activities $(10,300)$

Other current assets $1,500$

Property, plant and equipment $60,000$

Other long$-$term assets $17,500$

Cash flow from financing activities $1,300$

Current liabilities $24,000$

Long$-$term liabilities $16,250$

Intangible assets $9,500$

Common stock $60,000$

Retained earnings $?$

Required

Prepare a classified balance sheet as of June $30,$ and statement of cash flows for the year.

NOTE: Use negative signs with your answers if shown in the above table as a negative number.

Balance Sheet

Statement of Cash Flows

IRVINE COMPANY

Balance Sheet

June $30$

Assets Liabilities & Stockholders' Equity

Current Assets: Liabilities:

Answer

Cash

Answer

$38,000$

Answer

Current Liabilities

Answer

$24,000$

Answer

Accounts Receivable

Answer

$15,200$

Long$-$term Liabilities Answer

$16,250$

Inventory Answer

$5,500$

Answer

Other Current Assets

Answer

$1,500$

Total Liabilities Answer

$0$

Total Current Assets Answer

$58,200$

Stockholders' Equity

Long$-$term Assets: Answer

Other Current Assets

Answer

$0$

Answer

Other Long$-$Term Assets

Answer

$50,000$

Answer

Cash

Answer

$0$

Intangible Assets Answer

$9,500$

Total Stockholders' Equity Answer

$0$

Answer

Property, Plant and Equipment

Answer

$17,500$

Total Long$-$term Assets Answer

$77,000$

Total Assets Answer

$135,200$

Total Liabilities and Stockholders' Equity Answer

$0$