Prepare a statement of cash flows using the indirect method for the year ending June 30, 2019 IKIBAN INC.Income StatementFor Year Ended June 30, 2019$778,000431,000347,000SalesCost of goods soldGross profitOperating expensesDepreciation expenseOther expenses$78,60087,000Total operating expenses165,600181,400Other gains (losses)Gain on sale of equipment4,000185,40045,890Income before taxesIncome taxes expenseNet income$139,510Additional Informationa. 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 $77,600 cash. .d. Received cash for the sale of equipment that had cost $68,600, yielding a $4.000 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.

Cash flow statement It is one of the important financial reporting system in the entity which…

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Business

Accounting

Prepare a statement of cash flows using the indirect method for the year ending June 30, 2019

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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