Refer to Java Inc.'s. information provided here: Assets 2023 2022 Liabilities and Shareholders' Equity 2023 2022...

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Refer to Java Inc.'s. information provided here: Assets 2023 2022 Liabilities and Shareholders' Equity 2023 2022 Accounts receivable 34,125 39,825 Accounts payable 28,800 33,750 Accumulated depreciation 61,950 47,550 Bonds payable 37,500 Cash 43,050 23,925 Common shares 168,750 168,750 Inventories 156,000 146,475 Dividends payable 4,500 Prepaid expenses Prop, plant and equip 3,600 1,650 Income taxes payable 135,825 146,700 Retained earnings 5,100 108,000 4,425 62,100 Income Statement: 2023 Sales Cost of goods sold Operating expenses Depreciation expense 446,100 222,300 120,300 25,500 Additional information: 1. Equipment costing $21,375, with accumulated depreciation of $11,100 is sold for cash, with a loss of $3,300. 2. Equipment purchases are for cash. Loss on sale of equipment 3,300 Loss on retirement of bonds 825 3. Accumulated depreciation is affected by depreciation expense and the sale of equipment. 4. The balance of retained eamings is affected by dividend declarations and net income. 5. All sales are made on credit. Income tax expense 13,725 6. All inventory purchases are on credit. Profit 60,150 7. Accounts payable balances result from inventory purchases. 6. Prepaid expenses relate to operating expenses Required Prepare a statement of cash flows using either the direct or indirect method for the year ended December 31, 2023. Refer to Java Inc.'s. information provided here: Assets 2023 2022 Liabilities and Shareholders' Equity 2023 2022 Accounts receivable 34,125 39,825 Accounts payable 28,800 33,750 Accumulated depreciation 61,950 47,550 Bonds payable 37,500 Cash 43,050 23,925 Common shares 168,750 168,750 Inventories 156,000 146,475 Dividends payable 4,500 Prepaid expenses Prop, plant and equip 3,600 1,650 Income taxes payable 135,825 146,700 Retained earnings 5,100 108,000 4,425 62,100 Income Statement: 2023 Sales Cost of goods sold Operating expenses Depreciation expense 446,100 222,300 120,300 25,500 Additional information: 1. Equipment costing $21,375, with accumulated depreciation of $11,100 is sold for cash, with a loss of $3,300. 2. Equipment purchases are for cash. Loss on sale of equipment 3,300 Loss on retirement of bonds 825 3. Accumulated depreciation is affected by depreciation expense and the sale of equipment. 4. The balance of retained eamings is affected by dividend declarations and net income. 5. All sales are made on credit. Income tax expense 13,725 6. All inventory purchases are on credit. Profit 60,150 7. Accounts payable balances result from inventory purchases. 6. Prepaid expenses relate to operating expenses Required Prepare a statement of cash flows using either the direct or indirect method for the year ended December 31, 2023.

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Java Inc Statement of Cash Flows For the Year Ended December 31 2023 Using the Indirect Method Opera... View the full answer