Using the direct method, prepare the statement of cash flows for the year ended June 30,2011. GECKO

Using the direct method, prepare the statement of cash flows for the year ended June 30,2011.

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GECKO INC. Comparative Balance Sheets June 30,2011 and 2010 2011 2010 GECKO INC. Income Statement For Year Ended June 30,2011 85,800 45,000 52.000 96,800 5,200 30,000 20,000 Accum. depreclation Equipment(28,000) 10,000) $330,000 $309.000 Accounts recelvable, net 70,000 66,800 5.400 Sales.. Cost of $668.000 412,000 256,000 Prepaid expenses Equipment..1 goods sold .... Operating expenses Total assets Deprecation expense r expenses Total operating expenses $58,600 67,000 Liabilities and Equity 25,600 Accounts payable 130,400 Wages payable... 2000 Notes payable (long term) 45,640 Retalned earnings .. 26,000 32.000 6,000 3,600 70,000 32.400 Common stock, $5 par value.230,000 180,000 7.400 $330,000 $309.000 7.000 2.400 40,000 Other gains (losses) Income taxes payable Galn on sale of equipment Income before taxes Income taxes expense . . . . Net income.. 24,600 $ 86,760 Total liabilties and equlty