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ki77a [65]
3 years ago
8

A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. The only changes affecting retained

earnings are net income and cash dividends paid. New equipment is acquired for $67,600 cash. Received cash for the sale of equipment that had cost $58,600, yielding a $3,000 gain. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales of inventory are on credit. 1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)
Business
1 answer:
netineya [11]3 years ago
4 0

Answer:

                               Ikiban Inc.

                     Statement of Cash flows

               For the Year Ended June 30, 2017

Cash flow from operating activities:

Net income                                                               $117,510

Adjustments to net income:

  • Depreciation expense $67,600
  • Decrease in inventory $27,200
  • Decrease in prepaid expenses $1,900
  • Increase in accounts receivable ($18,500)
  • Gain from sale of equipment ($3,000)
  • Decrease in accounts payable ($9,500)
  • Decrease in wages payable ($9,900)
  • Decrease in taxes payable ($2,800)          <u>   $53,000</u>

Net cash flow from operating activities                 $170,510

Cash flow from investing activities:

Purchase of new equipment                                 ($67,600)

Disposal of old equipment                                   <u>   $13,500</u>

Net cash flow from investing activities                 ($54,100)

Cash flow from financing activities:

Issuance of common stock                                   $69,000

Retirement of note payable                                 ($30,000)

Distributed dividends                                           <u>($106,310)</u>

Net cash flow from financing activities                 ($67,310)

Net cash increase                                                   $49,100

<u>Cash balance June 30, 2016                                 $53,000</u>

Cash balance June 30, 2017                                 $102,100

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