2020 $ 51,000 58,000 97,000 6,800 212,800 122,000 112,500) $ 322 300 IKHAN INCORPORATED Slabutent al Cash Flow Indirect Nahas For Year End 21 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 103.300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5100 Total current assets 254.700 Equipment 131.000 Accumulated depreciation-Equipment (30,500) Total assets $ 355,200 Liabilities and Equity Accounts payable $32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (ong term 37000 Total abilities 79,800 Equity Common stock, $5 par value 234,000 Retained earnings 41.400 Tatal liabilities and equity $ 355,200 CAREER kalo CATATEA $ 40,500 16,400 5,200 62,100 67,000 129,100 Charge ARM WW TEXTES Cerine Tay rain www EHEHAS ITI REATE ME Cerai wa Derin 167,000 26,200 $ 322 300 on what 5 0 Cuah resharakat qilaman : | ram o IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) ) Depreciation expense $ 713 000 418.000 295,000 74,000 65,500 155.400 hat they were Chwefrany IND Cechter Not wh wachawi NET Cather Cachapori Other gains (losses) Gain on sale of equipment Income before taxes Income taxes experise Net income 2.700 158.100 44,590 $ 113,510 Additional Information a. A $30,000 notes 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 $64,600 cash. d. Received cash for the sale of equipment that had cost $55,600, ylelding a $2,700 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income staterrient. f. All purchases and sales of inventory are on credit