exercise 16-10 Sulyat mparetive Balance Sheets June 30, 20x7 and 20x6 2027 20n A

Question

exercise 16-10 Sulyat mparetive Balance Sheets June 30, 20x7 and 20x6 2027 20n Assets Cash recevable (net) $167,000 S 20,000 100,000120,000 220,000 1,000 52,000 Frepaid expenses O (29, 180,000 Property, plant, and equipment Accumulated depreciation, property plant, and equipment 600 628,000 183000) 140.000 a892500 $ Total assets 773.000 Liabiities and Stockhoiders' Equity 64,000 30,000 26,000 360,000 200,000 Accounts payable o Notes payable (due in 90 days) 42,000 80,000 income taxes payable o Mortgage payabie o Common stock, $5 par vailue Retained earnings 8.000 280,000 200,000 153,000 S773.000 Total Labdities and stockbolders' equity 5892.600 During 2807 Suilyat he corporation also par Payable made 520000 payment oo Enemongage: repaid notes.of $80.000 but bor- prepare a statement of cath flows, Tnclude a supporting and paida $60.090 cash dividend. evomoncashinverting and financing trancactions P6) Sulyat Corporation's income statement for 20x7 appears below LO2 Statement ot Cash L03 Indirect Method LO4 LO5 uiyat Corporation For the Year Ended June 3t, 20x7 Net sales $1,040,900 Cost of goods sold Operating expenses (including depreciation income from operations S 384,600 560 S 195,400 Other ihcome (expenses) Loss on sale of equipment interest expense income before income taxes income taxes Net income 6) 153,800 34.200

Explanation / Answer

Cash flow indirect method Cash flow from operating activities Net income 119600 Adjustments to reconcile the net income Depreciation expense 60000 Loss on sale of equipment 4000 Changes in current asset and liabilities Decrease in accounts receivable 20000 Decrease in Inventory 40000 Decrease in prepaid expense 400 Increase in accounts payable 22000 Decrease in notes payable -50000 Increase in income tax payable 8000 104400 Cash flow from operating activities 224000 Cash flow from Investing activities Sales of equipment 3000 Cash flow from Investing activities 3000 Cash flow from Financing activities Common stock Bonds repaid -20000 Cash dividend -60000 Cash flow from Financing activities -80000 Net Cash and cash equivalent 147000 Add Beginning cash and cash equivalent 20000 Ending cash and cash equivalent 167000

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