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TWININGS INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities: Net income $ 152,590 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $ 18,000 X Decrease in accounts payable (7,000) ) Decrease in income taxes payable (500) Decrease in inventory (26,000) X Decrease in prepaid expenses 1,500 Decrease in wages payable (10,000) Depreciation expense 87,000 Gain on sale of equipment (6,900) 56,100 208,690 Net cash provided by operating activities $ Use the following financial statements and additional information. TWININGS INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 61,800 $ 10,400 Accounts receivable, net 81,000 63,000 Inventory 68,000 94,000 Prepaid expenses 6,100 7,600 Total current assets 216,900 175,000 Equipment 195,000 181,000 Accum. depreciation-Equipment (48,000) (16,000) Total assets $363,900 $340,000 Liabilities and Equity Accounts payable $ 31,000 $ 38,000 Wages payable 7,000 17,000 Income taxes payable 4,500 5,000 Total current liabilities 42,500 60,000 Notes payable (long term) 40,000 80,000 Total liabilities 82,500 140,000 Equity Common stock, $5 par value 240,000 170,000 Retained earnings 41,400 30,000 Total liabilities and equity $363,900 $340,000 $1,038,000 635,000 403,000 TWININGS INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $ 87,000 Other expenses 103,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 190,000 213,000 6,900 219,900 67,310 152,590 $ Additional Information a. A $40,000 note payable is retired at its $40,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $85,000 cash. d. Received cash for the sale of equipment that had cost $71,000, yielding a $6,900 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit