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The following financial statements and additional information are reported. Additional information a. A $30,000 notes poyable is retired at its $30,000 corrying (book) value in
The following financial statements and additional information are reported. Additional information a. A $30,000 notes poyable is retired at its $30,000 corrying (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 $59,600 cash d. Received cash for the sale of equipment that had cost $50,600, ylelding a $2,200gain. d. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. t. All purchases and sales of inventory are on credit. Required: (1) Prenare a statement of cash flows usina the indirect method for the year ended June 30, 2021 Nc
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