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same info for both Required information Exercise 1212 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the
same info for both
Required information Exercise 1212 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. Additional Information a. A $30,000 notes 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 $69,600 cash. d. Received cash for the sale of equipment that had cost $60,600, yielding a $3,200 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Required: (1) be (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021Step by Step Solution
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