2020 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 102,700 Accounts receivable, net 77,000 Inventory 71,800 Prepaid expenses 5,200 Total current assets 256,700 Equipment 132,000 Accumulated depreciation-Equipment (31,000) Total assets $ 357,700 Liabilities and Equity Accounts payable $ 33,000 Wages payable 6,800 Income taxes payable 4,200 Total current liabilities 44,000 Notes payable (long term) 38,000 Total liabilities 82,000 Equity Common stock, $5 par value 236,000 Retained earnings 39, 700 Total liabilities and equity $ 357,700 $ 52,000 59,000 98,500 7,000 216,500 123,000 (13,000) $ 326,500 $ 42,000 16,600 5,400 64,000 68,000 132,000 168,000 26,500 $ 326,500 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 $.718,000 419,000 299,000 75,000 66,600 157,400 2,800 160,200 44,690 $ 115,510 WE $ 0 Cash flows from investing activities 0 Cash flows from financing activities + 0 Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ 0