Information shown to (1)Preare a statment ofAW Use the Financial statement and addition)Information shown toCash Flows For the Year endedUsing the(1) Prefare a statment ofJune 30,200%,indirct.methedPASSAT INC.MCome StatementFor Year Ended June 3,2002$67800(411000)267000selasCost of Joods soldGross profitoPelabing &XPenseDepreciabion exPenseother ex PenseTobal operabing expenseother Jattesains Closses)Gain on Sale of equipment5860067000(125600)200Income before taes$143400(43890)Income taXesNet income$99510 20022 001ASsets!CashAccounts recelvable(net).InventoryPrepaid expenseEquipmentAccum. depreaution-E9uiP (2 700)Total assets$8650065000638004400125000$440005100086 Do05400115000(9000)$292900$317,700iabilitles and Equity:A CCouns Payableincome taxes PayableNotes Payable (lang term)Common StocK $ Par ValuaRetained carnin) Swades Payabletot al liabilities and equity$2500$300003800340030000320000bo 00D| 60 000333006000$317 700241005o00$ 2929 00additional information:O. A $ 300o hote Payable is retired at ibs calrrying(book) Value in exchande For Cash-D. The only Changes af&ecting Kasan retain ed etyearnings arenet income and cash dividends PaideO. NeW equiPment is acquired For $ 58600 CashReceived Cash For the sale, of equiPment that hadCost $4860o,yieldinga $ 2o00 dain.@. PrePaid EXPenses and wages Payable relate toOther EXPebses on the income Statemenb.6.All Purchases and sales of merchandise inventaryare on Credit.

The cash that is coming into entity and going out from entity is recorded in a statement called cash…

AN Use the Financial statement and add information shown to (1)Prefare a statment of Cash Flows For the Year ended June 30,200 Using the indirct.method. PASSAT INC. nCome Statement For Year Ended June Be2002 $678000 (411 000) 267000 selas Cost of Joods sold Gros profit oPelabing &XPense Deprecjabion exPense other ex Pense Tobal operatng expense other Jattg Jains Closses) Gam on Sale of equip ment 58600 67 000 (125600) 2000 Income before taxes $143400 (43890) Income taxes Net income $ 99 510

AN Use the Financial statement and add information shown to (1)Prefare a statment of Cash Flows For the Year ended June 30,200 Using the indirct.method. PASSAT INC. nCome Statement For Year Ended June Be2002 $678000 (411 000) 267000 selas Cost of Joods sold Gros profit oPelabing &XPense Deprecjabion exPense other ex Pense Tobal operatng expense other Jattg Jains Closses) Gam on Sale of equip ment 58600 67 000 (125600) 2000 Income before taxes $143400 (43890) Income taxes Net income $ 99 510

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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