- Western Environmental Inc Comparative Balance Sheet Information Cash Accounts Receivable Net Inventory Prepaid Expens 1 (54.15 KiB) Viewed 43 times
- Western Environmental Inc Comparative Balance Sheet Information Cash Accounts Receivable Net Inventory Prepaid Expens 2 (68.34 KiB) Viewed 43 times
Western Environmental Inc. Comparative Balance Sheet Information Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable Wages payable Income taxes payable Notes payable (long-term) Connon shares Retained earnings Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Total operating expenses Western Environmental Inc... Income
Statement For Year Ended June 30, 2020 Profit from operations Gain on sale of equipment Profit before taxes Income taxes Profit June 30 2020 $ 90,560 $ 94,000 80,140 6,460 154,000 33,200 30,000 8,000 2,860 46,000 274,000 30,300 $ 70,300 50,350 2019 35,000 74,000 116,140 6,220 142,000 10,000 38,000 18,000 4,300 82,000 214,000 9,260 $784,000 475,400 $505,600 150,680 $154,920 2,000 $156,920 54,920 $102,000 WESTERN ENVIRONMENTAL INC. Required: Use the Western Environmental Inc. Information given below to prepare a
statement of cash flows for the year ended June 30, 2020. using the Indirect method. (List any deduction in cash and cash outflows as negative amounts.) a. A note is retired at carrying value. b. The only changes affecting retained earnings during 2020 are profit and cash dividends paid. c. New equipment is acquired during 2020 for $69,100 d. The profit on sale of equipment costing $57.100 during 2020 is $2.000 e. Prepaid expenses and wages expense affect other expenses on the income
statement. t. All sales and purchases of merchandise were on credit 4 < Prey 5 of 10 Next >
WESTERN ENVIRONMENTAL INC.
Statement of Cash Flows For Year Ended June 30, 2020 Cash flows from operating activities: Adjustments to reconcile profit to net cash provided by operating activities: Cash flows from investing activities: Cash flows from financing activities: S S 0 0 0 [