Western Environmental Inc. Comparative Balance Sheet Information Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated...

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Western Environmental Inc. Comparative Balance Sheet Information Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation. Accounts payable Nages payable Income taxes payable Notes payable (long-tere) Common shares Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Western Environmental Inc. Income Statement For Year Ended June 30, 2023 Depreciation expense Other expenses Total operating expenses Profit from operations Gain on sale of equipment Profit before taxes i Income taxes Profit June 301 2023 2022 $ 92,960 $ 55,400 106,000 76,400 80,260 116,260 6,580 166,000 35,600 33,200 10,400 2,980 58,000 286,000 25,620 $ 70,420 80,500 6,340 154,000 22,000 40,400 21,200 4,420 94,000 226,000 380 $796,000 480,800 $315,200 150,920 $164,280 4,400 $160,600 64,200 $104,400 Required: Use the Western Environmental Inc. information given below to prepare a statement of cash flows for the year ended June 30, 2023. using the indirect method. (List any deduction in cash and cash outflows as negative amounts.) a. A note is retired at carrying value b. The only changes affecting retained earnings during 2023 are profit and cash dividends paid. c. New equipment is acquired during 2023 for $76,420. d. The profit on sale of equipment costing $64,420 during 2023 is $4,400 e. Prepaid expenses and wages expense affect other expenses on the income statement. 1. All sales and purchases of merchandise were on credit mework WESTERN ENVIRONMENTAL INC. Statement of Cash Flows For Year Ended June 30, 2023 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 $ $ O Search 0 Western Environmental Inc. Comparative Balance Sheet Information Cash Accounts receivable (net) Inventory Prepaid expenses Equipment Accumulated depreciation. Accounts payable Nages payable Income taxes payable Notes payable (long-tere) Common shares Retained earnings Sales Cost of goods sold Gross profit Operating expenses: Western Environmental Inc. Income Statement For Year Ended June 30, 2023 Depreciation expense Other expenses Total operating expenses Profit from operations Gain on sale of equipment Profit before taxes i Income taxes Profit June 301 2023 2022 $ 92,960 $ 55,400 106,000 76,400 80,260 116,260 6,580 166,000 35,600 33,200 10,400 2,980 58,000 286,000 25,620 $ 70,420 80,500 6,340 154,000 22,000 40,400 21,200 4,420 94,000 226,000 380 $796,000 480,800 $315,200 150,920 $164,280 4,400 $160,600 64,200 $104,400 Required: Use the Western Environmental Inc. information given below to prepare a statement of cash flows for the year ended June 30, 2023. using the indirect method. (List any deduction in cash and cash outflows as negative amounts.) a. A note is retired at carrying value b. The only changes affecting retained earnings during 2023 are profit and cash dividends paid. c. New equipment is acquired during 2023 for $76,420. d. The profit on sale of equipment costing $64,420 during 2023 is $4,400 e. Prepaid expenses and wages expense affect other expenses on the income statement. 1. All sales and purchases of merchandise were on credit mework WESTERN ENVIRONMENTAL INC. Statement of Cash Flows For Year Ended June 30, 2023 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 $ $ O Search 0

Answer rating: 100% (QA)

Income Tax Payable Particulars Amount Particulars Amount Cash balanced figure 65460 Balance bf 4420 ... View the full answer