Please do all parts from A to F thank you a. A $30,000 note payable is retired at its $30,000 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 $80,600 cash.d. Received cash for the sale of equipment that had cost $71,600, yielding a $4,300 gain.e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.f. All purchases and sales of inventory are on credit.Required:(1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020.Note: Amounts to be deducted should be indicated with a minus sign.Cash flows from operating activitiesIKIBAN, INCORPORATEDStatement of Cash Flows (Indirect Method)For Year Ended June 30, 2019Adjustments to reconcile net income to net cash provided by operating activitiesIncome statement items not affecting cashChanges in current operating assets and liabilitiesProx8 of 11‒‒‒Next At June 30AssetsCashIKIBAN INCORPORATEDComparative Balance SheetsAccounts receivable, netInventoryPrepaid expenses- Total current assetsEquipmentAccumulated depreciation-EquipmentTotal assetsLiabilities and EquityAccounts payableWages payableIncome taxes payableTotalent liabilitiesNotes payable (long term)Total liabilitiesEquityCommon stock, $5 par valueRetained earningsTotal liabilities and equitySalesCost of goods soldGross profitOther gains (losses)Gain on sale of equipmentIncome before taxesIncome taxes expenseNet income$ 93,70099,50086,8006,700Additional Information2020286,700147,000(38,500)$ 395,200IKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2020$ 48,0008,3005,70062,00053,000115,000Operating expenses (excluding depreciation)Depreciation expense266,00014,200$ 395,200$ 67,00074,000121,00010,0002019272,000138,000(20,500)$ 389,500$ 64,50019,6008,40092,50083,000175,500183,00031,000$ 389,500$ 793,000434,000359,00090,00081,600187,4004,300191,70046,190$ 145,510

Statement of cash flows is one of the financial statement of the business which shows all cash…

0, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. Note: Amounts to be deducted should be indicated with a minus sign. IKIBAN, INCORPORATED

0, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2020. Note: Amounts to be deducted should be indicated with a minus sign. IKIBAN, INCORPORATED

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 6BE

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