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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1d1c55e-9b30-4645-84f3-afaefdae4090%2F0c065ba1-056c-4ca4-9234-311ff1130b10%2Fqgarp62_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc1d1c55e-9b30-4645-84f3-afaefdae4090%2F0c065ba1-056c-4ca4-9234-311ff1130b10%2Ffi8gcq6i_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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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