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The following financial statements and additional information are reported. Additional Information a . A $ 3 0 , 0 0 0 notes payable is retired
The following financial statements and additional information are reported.
Additional Information
a A $ notes payable is retired at its $ 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 $ cash.
d Received cash for the sale of equipment that had cost $ yielding a $ 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:
Prepare a statement of cash flows using the indirect method for the year ended June
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