- Required Information The Following Information Applies To The Questions Displayed Below The Following Financial State 1 (61.99 KiB) Viewed 47 times
- Required Information The Following Information Applies To The Questions Displayed Below The Following Financial State 2 (70.22 KiB) Viewed 47 times
- Required Information The Following Information Applies To The Questions Displayed Below The Following Financial State 3 (43.03 KiB) Viewed 47 times
- Required Information The Following Information Applies To The Questions Displayed Below The Following Financial State 4 (60.81 KiB) Viewed 47 times
Retained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit 49,900 $ 342,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 24,700 $ 301,300 $ 688,000 413,000 275,000 69,000 60,600 145,400 2,200 147,600 44,090 $ 103,510 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 $59,600 cash. d. Received cash for the sale of equipment that had cost $50,600, yielding a $2,200 gain. < Prev e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. quired: Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. (Amounts to indicated with a minus sign.) IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021. 3 of 3 ⠀ Next
nts eBook Print ferences (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Gain on sale of plant assets IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Loss on sale of plant assets Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment Prev 3 of 3 S E 103,510 (15,000) 23,700 1,200 (6,000) (9.200) (600) S 157,610 Next >
Required information Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Loss on sale of plant assets Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment Cash flows from financing activities Cash received from stock issuance Cash paid to retire notes Cash paid for dividends Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end 23,700 1,200 (6,000) (9,200) (600) $ $ $ 157,610 0 0 157,610 157,610