Evereise 167 atement f cach floe lindirec mothedl LO255 Prenering western Environmental Inc. Comparative Balance Sheet...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Evereise 167 atement f cach floe lindirec mothedl LO255 Prenering western Environmental Inc. Comparative Balance Sheet Information June 30 2020 2019 Cash ৪9,968 91,000 80,110 6,430 32, 000 Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable 73,480 116,110 5,190 139, 000 7,800 37,400 151,000 32,600 30, 200 7,400 2,830 43,000 271, eaa 31,470 Wages payable Income taxes payable Notes payable (long-term) 18, 200 4,270 79, e0e 211, e00 9,830 Common e hares Retained earnings Western Environmental Inc. Income Statement For Year Ended June 30, 2820 Sales $781, 000 477, 800 $303, 200 Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 70,270 ৪৪, 358 Other expenses Total operating expenses Profit from operations Gain on sale of equipment 150,620 $152,580 1,400 Profit before taxes $153,980 52,580 Income taxes Profit $101,400 Requlred: 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 es negative amou its.) a. A note is retired at carrying value. b. The only changes affecting retalned earnings during 2020 are profit and cash dividends paid. c. New equipment is acquired during 2020 for $67,270. d. The profit on sale of equipment costing $55,270 during 2020 Is $1,400. e. Prepald expenses and wages expense affect other expenses on the Income statement. f. All sales and purchases of merchandise were on credit. 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: Evereise 167 atement f cach floe lindirec mothedl LO255 Prenering western Environmental Inc. Comparative Balance Sheet Information June 30 2020 2019 Cash ৪9,968 91,000 80,110 6,430 32, 000 Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation Accounts payable 73,480 116,110 5,190 139, 000 7,800 37,400 151,000 32,600 30, 200 7,400 2,830 43,000 271, eaa 31,470 Wages payable Income taxes payable Notes payable (long-term) 18, 200 4,270 79, e0e 211, e00 9,830 Common e hares Retained earnings Western Environmental Inc. Income Statement For Year Ended June 30, 2820 Sales $781, 000 477, 800 $303, 200 Cost of goods sold Gross profit Operating expenses: Depreciation expense $ 70,270 ৪৪, 358 Other expenses Total operating expenses Profit from operations Gain on sale of equipment 150,620 $152,580 1,400 Profit before taxes $153,980 52,580 Income taxes Profit $101,400 Requlred: 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 es negative amou its.) a. A note is retired at carrying value. b. The only changes affecting retalned earnings during 2020 are profit and cash dividends paid. c. New equipment is acquired during 2020 for $67,270. d. The profit on sale of equipment costing $55,270 during 2020 Is $1,400. e. Prepald expenses and wages expense affect other expenses on the Income statement. f. All sales and purchases of merchandise were on credit. 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:
Expert Answer:
Answer rating: 100% (QA)
Solution Sale Value of Old Equipment Cost 55270 Accumulated Depreciation Beg bal in Acc dep Deprecia... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these accounting questions
-
Inventory turnover is calculated as cost of goods sold divided by ending inventory . 1. True 2. False
-
From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,040; Purchases Discount, $860; Merchandise Inventory, 12/01/1X, $4,400;...
-
Cost of goods sold is shown as a distinct line item on the income statement. Where is information related to cost of goods sold shown on the statement of cash flows under both the direct and indirect...
-
In a closed economy, prices are constant/fixed. Behaviour is characterised by the following relationships. C=0.9375 (Y-T), T=10 and I=50-250i Money demand Md=Y-100i The supply of money and government...
-
Define the following types of environmental costs: private, social, visible, hidden, monitoring, abatement and both on-site and off- site remediation.
-
Multiple Choice Questions 1. Halifax Corporation has a December 31 fiscal year-end. As of December 31, Year 1, the company has a debt covenant violation that results in a 10-year note payable to Nova...
-
In divisional income statements prepared for Anchor Cement Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll checks, and the Purchasing...
-
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost...
-
Electro Corp sells a refrigerator and a freezer as a single package for $ 1 comma 160$1,160. Other data are in the chart below. Refrigerator Full minus size Freezer Packaged Price Selling price $...
-
You are discussing your 401(k) with Dan Ervin when he mentions that Sarah Brown, a representative from Bledsoe Financial Services, is visiting East Coast Yachts today. You decide that you should meet...
-
An object travels along a horizontal straight path at a constant rate. The object travels (1)/(20) of the length of the path in (3)/(4) second. At that rate, how many seconds does it take the object...
-
40. Riot signed up with an online music-sharing network. The network charges customers $25.00 per month but pays customers $0.02 for every song that they upload from their music collection. Riot's...
-
An electrometer consists of two conducting spheres, each with a mass of 2.5 g attached by very thin (massless) conducting wires of length 5.3 cm. The electrometer is initially uncharged (left) and...
-
6. Create the relational schema based on the following E-R diagram. ICLocation ICld ICName INVESTMENT COMPANY |++ Manages MFId MFName MFInceptionDate MUTUAL FUND Includes AmtIncluded Sld SName...
-
Showing the details, find all solutions or indicate that no solution exists. (a) 4y+ z = 0 (b) 5x-3y+ z = 7 -8x (c) +2z = 1 12x-5y3z = 34 2x + 3y z = 0 6y+4z = 3 - -6x +4z = 8 8x+9y-3z = 2 12x + 2y =...
-
Pause the simulation and move the ladybug's companion (the beetle) to be next to her but closer to the edge of the revolving turntable. Click play and notice the beetle's velocity and acceleration....
-
7) Create three lists, one list contains food items, another contains drink items, a third contains desert items, call these lists food, drinks, desert. These lists can be composed of anything you...
-
San Carlos Bank and Trust Company uses a credit-scoring system to evaluate most consumer loans that amount to more than $2,500. The key factors used in its scoring system are found at the conclusion...
-
Interest payments received on a bond held with the business objective of actively trading should be recorded as: a. Dr. Cash XXX Cr. Interest Income XXX Cr. Interest Receivable XXX b. Dr. Interest...
-
All of the following activities should be included in the investing activities section of the statement of cash flows except: a. Paying dividends to shareholders b. Lending and collecting on loans...
-
Sarahs Pottery and Gift store had the following transactions: a. On November 15, 2020, Katie from the small office business Custom Graphics contacted Sarah to purchase gift cards for the holiday...
-
How is a present value factor determined?
-
How are interest rates and the rate of return stated?
-
Baumann Industries is considering purchasing NewMark Corporation. Baumanns board of directors has requested a breakeven analysis, based on cost data provided by NewMarks accounting department....
Study smarter with the SolutionInn App