in formation shown to (1) Prefare a statmentt ofCash Flows for the Year ended June 30,2002,AW Use the Financial statement and addition)Information shown to(1) Prefare a statment ofaL methedUsing the diret methodPASSAT INC.mCome StatementFor Year Ended June 3,2002$678 000(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.

Cash flow statement is the form of financial statement being prepared at the year end to record the…

Answered: Use the Financial statement and…

Use the Financial statement and addition) information shown to (1) Prefare Cash Flows For the year ended June 30,20 Using the dirat method -? methe

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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Question

in formation shown to (1) Prefare a statmentt of
Cash Flows for the Year ended June 30,2002,
AW Use the Financial statement and addition)
Information shown to
(1) Prefare a statment of
aL methed
Using the diret method
PASSAT INC.
mCome Statement
For Year Ended June 3,2002
$678 000
(411000)
267000
selas
Cost of Joods sold
Gross profit
oPelabing &XPense
Depreciabion exPense
other ex Pense
Tobal operabing expense
other Jattesains Closses)
Gain on Sale of equipment
58600
67000
(125600)
200
Income before taes
$143400
(43890)
Income taXes
Net income
$99510

2002
2 001
ASsets!
Cash
Accounts recelvable(net).
Inventory
Prepaid expense
Equipment
Accum. depreaution-E9uiP (2 700)
Total assets
$86500
65000
63800
4400
125000
$44000
51000
86 Do0
5400
115000
(9000)
$292900
$317,700
iabilitles and Equity:
A CCouns Payable
income taxes Payable
Notes Payable (lang term)
Common StocK $ Par Valua
Retained carnin) S
wades Payable
tot al liabilities and equity
$2500
$30000
3800
3400
30000
320000
bo 00D
| 60 000
33300
6000
$317 700
24100
5o00
$ 2929 00
additional 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 ety
earnings arenet income and cash dividends Paide
O. NeW equiPment is acquired For $ 58600 Cash
Received Cash For the sale, of equiPment that had
Cost $4860o,yieldinga $ 2o00 dain.
@. PrePaid EXPenses and wages Payable relate to
Other EXPebses on the income Statemenb.
6.All Purchases and sales of merchandise inventary
are on Credit.

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