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Use the following financial statements and additional information. BARCELONA INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 86,300 41,700 61,000 92,000 6,300 235, 300201,000 142,000 (39,000 (13,000) 78,000 66,000 5,000 153,000 $349,300 $330,000 Liabilities and Equity Accounts payable s 30,000 36, 00o 19,000 4,000 59,000 75,000 79,600 134,000 Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities 8,000 3,600 41,600 38,000 Equity Common stock, $5 par value Retained earnings Total liabilities and equity 220, 000160, 000 36, 000 $349,300 $330,000 49,700 S0
BARCELONA INC Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $803,000 491,000 312,000 Depreciation expense $68,000 77,000 Other expenses Total operating expenses 145,000 167,000 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,300 170,300 52,130 $118,170 Additional Information a. A $38,000 note payable is retired at its $38,000 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 $67,000 cash. d. Received cash for the sale of equipment that had cost $56,000, yielding a $3,300 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. eral Trial Ledger Indirect Method Requirement General Trial Balance Journal Direct Method Using the income statement, the comparative balance sheet, and the additional information given above, reconstruc the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the
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General Requirement General Direct MethodE Indirect Journal Ledger Trial Balance Prepare the Statement of Cash flows for the year ended June 30, 201 7 using the Direct Met T-account on the General Ledger tab to identify the sources and uses of cash. List casl values. Unadjusted BARCELONA INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities: Cash flows from investing activities Cash flows from financing activities
Requirement General General Indirect Direct Method Method Ledger Trial Balance Direct M Journal Prepare the operating activities section of the statement of cash flows using the indi reductions to net cash provided by operating activities as negative values. Unadjusted BARCELONA INC Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities:
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