The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 $ 94,300 98,000 85,800 6,600 284,700 146,000 (38,000) $392,700 $ 66,000 73,000 119,500 9,800 268,300 137,000 (20,000) $385,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 47,000 $ 63,000 8,200 19,400 5,6008 , 200 60,800 90,600 52,000 32,000 112,800 172,600 264,000 15,900 $392,700 182,000 30,700 $385,300 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $80,600 $788,000 433,000 355,000 Other expenses total operating expenses 89.000 - 169,600 195 409 ALES Other gains (losses) S Gain on sale of equipment Income before taxes Income taxes ex Income taxes expense Net income 4200 189,600 $143,510 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 $79.600 cash. d. Received cash for the sale of equipment that had cost $70.600. yielding a $4,200 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 Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, 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 Net inc
The following financial statements and additional information are rep
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 $ 94,300 98,000 85,800 6,600 284,700 146,000 (38,000) $392,700 $ 66,000 73,000 119,500 9,800 268,300 137,000 (20,000) $385,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 47,000 $ 63,000 8,200 19,400 5,6008 , 200 60,800 90,600 52,000 32,000 112,800 172,600 264,000 15,900 $392,700 182,000 30,700 $385,300 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $80,600 $788,000 433,000 355,000 Other expenses total operating expenses 89.000 - 169,600 195 409 ALES Other gains (losses) S Gain on sale of equipment Income before taxes Income taxes ex Income taxes expense Net income 4200 189,600 $143,510 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 $79.600 cash. d. Received cash for the sale of equipment that had cost $70.600. yielding a $4,200 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 Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, 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 Net inc
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