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up... uul In. nun.- Balance Sheets As 0mee 30, 2019, and 2020 2020 2019 Assets Cash 3 56,400 5 48,000 Accounts receivable 8,300 8,600 Inventory
up\"... uul In.\" nun.- Balance Sheets As 0mee 30, 2019, and 2020 2020 2019 Assets Cash 3 56,400 5 48,000 Accounts receivable 8,300 8,600 Inventory 15,200 14,100 Prepaid expenses 13,800 12,600 Plant and equipment 68,250 68,250 Accumulated depreciation 5 18.200! ,600 Total assets $143,350 $141,950 Liabilities and Equity Accounts payable (all relate to inventory purchases) 3 12,500 8 12,600 Accrued wages 3,300 3,100 Common stock 56,100 54,500 Retained earnings 71,350 $11,750 Total liabilities and equity $143,750 $141,950 Octel Corporation Income Statement For the Year Ended June 30, 2020 Sales $263,000 Less: Cost of goods sold [733,200] Gross margin 193,800 Less operating expenses: Wage expense 895,900 Other operating expenses 61,000 Depreciation expense 8,600 (165,500) Net income 8 28,300 Dividends of 828,200 were paid during the year. No equipment was purchased or retired during the year. Required Using the direct method for the operating section, prepare a statement of cash ows for fiscal 2020
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