At June 30 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2021 $ 92,500 2020 $ 69,000 76,000 102,500 88,800 124,000 6,900 10,400 290,700 279,400 149,000 140,000 (21,500) (39,500) $ 397,900 20,000 $ 400,200 $ 50,000 $67,500 8,500 5,900 8,800 64,400 96,300 55,000 85,000 119,400 181,300 270,000 185,000 10,800 31,600 $ 400,200 $ 397,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 803,000 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 436,000 367,000 92,000 83,600 191,400 4,500 195,900 46,390 $ 149,510