2020 $ 69,000 76,000 124,000 10,400 279,400 140,000 (21,500) $ 397,900 IKIBAN INCORPORATED Comparative Balance Sheets 2021 At June 30 Assets Cash $ 92,500 Accounts receivable, net 102,500 Inventory 88,800 Prepaid expenses 6,900 Total current assets 290,700 Equipment 149,000 Accumulated 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 $ 67,500 20,000 8,800 96,300 85,000 181,300 185,000 31,600 $ 397,900 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 $ 803,000 436,000 367,000 92,000 83,600 191,400 4,500 195,900 46,390 $ 149,510 Saved HW (Graded) Required information Changes in current operating assets and liabilities 5 $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ 0