A 30000 note payable is retired at its 30000 carrying book

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Reference no: EM13482878

a. A 30,000 note payable is retired at it's $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 aquired for $ 57,600 cash.

D. Recieved cash fo sale of equipment that had cost 48,000, yeilding a 2,000 gain

E. Prepaid Expenses and wages payable relate to other Expenses on the income statement.

F. All purchases and sales of merchdise inventory are on credit..

Required

(1) prepare a statement of cash flow for the year ended June 30,000 2013, using the indirect method, and

(2) compute the company's cash flow on total assets ratio its fiscal year 2013.

Reference no: EM13482878

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