https://newconnect.mheducation.com/Tlow/ CHAPTER\'S HOMEWORK 0 9 Required Ieform
ID: 2334496 • Letter: H
Question
https://newconnect.mheducation.com/Tlow/ CHAPTER'S HOMEWORK 0 9 Required Ieformatlon /The tollowing ereon apoes no the questlons disnped below The following finsnciel stements end edditional iniformation are reported. 0 63 Comparative Balance Sheets June 38, 2017 and 2816 2017 2016 Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipnent Accun. depreciation-Equipnent Totel assets s 87,580 $ 44,809 65,800 51,806 63,880 86,589 ,4005:480 228,7e8 186,986 124,806115,698 (27-9002 (9,eee) $317,700 $292,998 Liabilities and Equity Accounts payable Nages payable Incone texes payable Total current lisbilities Notes payable (Long tere) Total 1iabilities Equity 5 25,898 s se, eee 6,898 15,888 3,800 48,8ee Reterencer 3,480 4,480 64 480 188,88e 228,89 168,e0e 133,380 2441099 Total liabilities and equity $317:700 $292,990 Common stock, $5 par value Retained earnings TKIBAN INC Incone Statenent for Yeär Ended June sa, 2017 Sales Cost of goods sold Gross profit Operat ing expenses $678,808 411,860 267,eea Depreciation expense ll ss8,600 Other expenses Total operating expenses 41,480 Other gains CLosses) Gein on sale of equipment Incone before taxes Incone taxes expense Net incone 143.408 43,890 $ 99 92eExplanation / Answer
It is a "Cash Flow Statement" question : supplementary accounts: Cash Flow Statement : Equipment A/c: Cash from Operating Activities: OB 115000 Sale of Eq. 48600 Net Income 99510 Pur 57600 CB 124000 Add: Dep exp 58600 Total 172600 Total 172600 Less: Gain on sale of Equip -2000 Less: AR increases -14000 Acc Dep - Eq A/c : Add:Inventory decreases 22700 Sale of Eq. 40600 OB 9000 Add:Prepaid exp. decreases 1000 CB 27000 Dep exp 58600 Less:AP decreases -5000 Total 67600 Total 67600 Less:WP decreases -9000 Less:IT Payable decreases -400 Sale of Equipment A/c : Net inflow of cash from operating activities 151410 Equipment 48600 Acc Dep 40600 Income on sale 2000 Cash 10000 Cash from Investing Activities : Total 50600 Total 50600 sale of equipment 10000 purchase of equip. -57600 Net cash outflow from Investing Activity -47600 Cash from Financing Activities : Less: Payment ofLT NP -30000 Add: issue of CS 60000 Less: Dividend paid -90310 Net Cash inflow from Financing Activity: -60310 Net cash inflow from all activities: 43500 Add: Cash Opening Bal 44000 Cash Closing Bal 87500
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