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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

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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
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.
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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