- Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Set Ft S $ 94,300 $ 66,000 98,000 73,000 85,800 119,500 6,600 9,800 284,700268,300 146,000 137,000 (38,000) _(20,000) $392,700 $385,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipme Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long ter Total liabilities Equity Common stock, $5 par va Retained earnings Total liabilities and equity $ 47,000 $ 63,000 8, 200 1 9,400 5,6008 ,200 60,800 90,600 52,000 82,000 112,800 172,600 264,000 15,900 $392,700 182,000 30,700 $385, 300 oods sold IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $80,600 Other expenses 89,000 Total operating expenses $788,000 433,000 355,000 169,600 185,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,200 189,600 46,090 $ 143,510 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. Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. IKIBAN, 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 o
- Required information [The following information applies to the ques
- Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Set Ft S $ 94,300 $ 66,000 98,000 73,000 85,800 119,500 6,600 9,800 284,700268,300 146,000 137,000 (38,000) _(20,000) $392,700 $385,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipme Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long ter Total liabilities Equity Common stock, $5 par va Retained earnings Total liabilities and equity $ 47,000 $ 63,000 8, 200 1 9,400 5,6008 ,200 60,800 90,600 52,000 82,000 112,800 172,600 264,000 15,900 $392,700 182,000 30,700 $385, 300 oods sold IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $80,600 Other expenses 89,000 Total operating expenses $788,000 433,000 355,000 169,600 185,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 4,200 189,600 46,090 $ 143,510 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. Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. IKIBAN, 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 o
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