The Octel Corporation has the following financial statements: Dividends of $28,200 were paid during the year. No
Question:
The 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 fiscal 2020.
Transcribed Image Text:
Octel Corporation Balance Sheets As of June 30, 2019, and 2020 2020 2019 Assets Cash $ 56,400 $ 48,000 Accounts receivable 8,300 8,600 Inventory Prepaid expenses Plant and equipment Accumulated depreciation 15,200 14,100 13,800 12,600 68,250 68,250 (18,200) (9,600) Total assets $143,750 $141,950 Liabilities and Equity Accounts payable (all relate to inventory purchases) Accrued wages $ 12,500 $ 12,600 3,300 3,100 Common stock 56,100 54,500 Retained earnings 71,850 71,750 Total liabilities and equity $143,750 $141,950 Octel Corporation Income Statement For the Year Ended June 30, 2020 Sales $267,000 (73,200) Less: Cost of goods sold Gross margin Less operating expenses: Wage expense Other operating expenses Depreciation expense 193,800 $95,900 61,000 8,600 (165,500) Net income $ 28,300
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