The document provides additional financial information for preparing a statement of cash flows using the indirect method, including: a note payable being retired for cash; retained earnings only changing from net income and dividends; new equipment being acquired for cash; equipment being sold for a gain; prepaid expenses and wages payable relating to operating expenses; and all inventory purchases and sales being on credit.
Please help if you can. Accounting. Thank you! [The following inform.pdf
1. Please help if you can. Accounting. Thank you! [The following information applies to the
questions displayed below.] The following financial statements and additional information are
reported. Additional Information a. 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 $63,600 cash. d. Received
cash for the sale of equipment that had cost $54,600, yielding a $2,600 gain. e. Prepaid Expenses
and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and
sales of inventory are on credit.
Required: (1) Prepare a statement of cash flows using the indirect method for the year ended
June 30, 2020. Nnto. Amnunte to ho darturted chnuld ha infliratod with a minuc cirn