2020 $ 67,000 74,000 121,000 10,000 272,000 138,000 (20.500 $ 389,500 IKIBAN INCORPORATED Comparative Balance sheets At June 30 2021 Assets Cash $ 93,700 Accounts receivable, net 99,500 Inventory 86,800 Prepaid expenses 6,700 Total current assets 286,700 Equipment 147,000 Accumulated depreciation Equipment (38,500 Total assets $ 395, 200 Liabilities and Equity Accounts payable $ 48,000 Wages payable 8,300 Income taxes payable 5,700 Total current liabilities 62,000 Notes payable (long term) 53,000 Total liabilities 115,000 Equity Common stock, 55 par value 266,000 Retained earnings 14,200 Total liabilities and equity $ 395, 200 $ 64,500 19,600 8,400 92,500 83,000 175,500 183,000 31,000 $ 389,568 IKIBAN INCORPORATED Income Statement IKIBAN INCORPORATED Income statement For Year Ended June 30, 2021 Sales cost of goods sold Gross profit operating expenses (excluding depreciation) Depreciation expense other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 5 793,000 434,000 359,000 90,000 81,600 187,400 4,300 191,700 46, 190 $ 145, 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 pald. c. New equipment is acquired for $80,600 cash d. Received cash for the sole of equipment that had cost $71,600, yielding a $4,300 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. 1. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021 (Amounts to be deducted should he indicated with a minus sign.) INNAN, INCORPORATED Stamento Cash Flow Method ForYerinded June 10, 2021 Califowl from operating Adotto cash red by operating income or acting cash Change penge and is Cantholomesting activities Cash flow from anong $ Net increase ideas inch Cash balance of protea-end Cash balance acumenty and