2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 92,500 Accounts receivable, net 102,500 Inventory 88,800 Prepaid expenses 6,900 Total current assets 290,700 Equipment 149,000 Accum. depreciation-Equipment (39,500) Total assets $400,200 Liabilities and Equity Accounts payable $ 50,000 Wages payable 8,500 Income taxes payable 5,900 Total current liabilities 64,400 Notes payable (long term) 55,000 Total liabilities 119,400 Equity Common stock, $5 par value 270,000 Retained earnings 10,800 Total liabilities and equity $400,200 $ 69,000 76,000 124,000 10,400 279,400 140,000 (21,500) $397,900 $ 67,500 20,000 8,800 96,300 85,000 181,300 185,000 31,600 $397,900 $803,000 436,000 367,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $83,600 Other expenses 92,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense 175,600 191,400 4,500 195,900 46, 390