Octel Corporation has the following financial statements: Dividends of $28,200 were paid during the year. No equipment
Question:
Octel Corporation has the following financial statements:
Dividends of $28,200 were paid during the year. No equipment was purchased or retired during the year.
Required
Using the direct method for the operating section, prepare a statement of cash flows for fiscal2011.
Transcribed Image Text:
Octel Corporation Balance Sheets As of June 30, 2010 and 2011 2010 2011 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment Accumulated depreciation 48,000 56,400 8,300 15,200 13,800 68,250 9,600(18,200) $143,750 8,600 14,100 12,600 68,250 Total assets Liabilities and Equity Accounts payable (all relate to $141,950 inventory purchases) Accrued wages Common stock Retained earnings 12,600 3,100 54,500 71750 $141,950 12,500 3,300 56,100 71850 $143,750 Total liabilities and equity Octel Corporation Income Statement For the Year Ended June 30, 2011 Sales Less: Cost of goods sold Gross margin Less operating expenses: $267,000 (73,200) 193,800 $95,900 Wage expense Other operating expenses Depreciation expense 61,000 8600 (165,500) Net income S 28,300
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