ALLIO-MUDIES13 L E Problem 5 - Cash Flow Reporting (40 Points) Ikiban Inc. Income Statement For year Ended June 30, 2015 $678,000.00 $411,000.00 $267,000.00 Sales Cost of Sales Gross proft Operating expense Depreciation expenses Other expenses Total operating expenses $58,600.00 $67,000.00 $125,600.00 $141,400.00 Other gains (loss) Gain on sale of equipment Income before income taxes Income taxes Net Income $2,000.00 $143,400.00 $43.890.00 $99,510.00 Ikiban Inc. Balance Sheet June 30, 2015 and 2014 2015 2014 Assets Cash Accounts Receivable Inventory Prepaid Expenses Total current assets Equipment Accum Depr Total assets $ 87,500.00 $ 65,000.00 $ 63,800.00 $ 4,400.00 $ 220,700.00 $ 124,000.00 $ (27,000.00) $ 317,700.00 $ 44,000.00 $ 51,000.00 foco $ 86,500.00 22:00 $ 5,400.00 10 $ 186,900.00 $ 115,000.00 $ (9,000.00) $ 292,900.00 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long $ 25,000.00 $ 6,000.00 $ 3,400.00 $ 34,400.00 $ 30,000.00 $ 30,000.00 $ 15,000.00 4000 $ 3,800.00 400 $ 48,800.00 $ 60,000.00 . d June 10, 2014 Acct102 -MODTEST3_C EXAM Name term) Total liabilities $ 64,400.00 $ 108,800.00 Equity Common Stock, $5 par value Retained Earnings Total liabilities and equity $ 220,000.00 $ 33,300.00 $ 160,000.00 $ 24,100.00 $ 317,700.00 $ 292,900.00 Additional Information 99510 year enda (a) A $30,000 note 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 cash. (d) Received cash for the sale of equipment that had cost $48,600 yielding a gain. (e) Prepaid Expenses and wages payable related to other Expenses on the income statement. (1) All purchases and sales of inventory are on credit. Ikiban the CASH How Statement bet income Depreciation 58600 chain on sale from Investment 2000 14000 e in inventory 22700 - in prepaid expense Too 9000 In accounts receivedl ein unges parable ne in income tax payable CASH pronded from op Activities 400 156410 of equipment a of equipment