Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone complete this? The following financial statements and additional information are reported. IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost
Can someone complete this?
The following financial statements and additional information are reported. IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $58,600 Other expenses 67,000 Total operating expenses $678,000 411,000 267,000 125,600 141,400 2,000 143,400 43.890 $ 99,510 2016 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation--Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained earnings 33,300 Total liabilities and equity $317,700 $ 44,000 51,000 +14... 86,500 - 22,78. 5,400 - 186,900 115,000 (9,000) $292,900 $ 30,000 -5.00 15,000 - Jag 3,800 -4.0 48,800 60,000 108,800 160,000 24,100 $292,900Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started