Ch g. h. Ch The following financial statements and additional information are reported. Exercise 12-11 Indirect: Preparing KIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 statement of cash flows P1 P2 P3 A 2017 2016 Assets $87.500 $4400 ...65,000 51,000 Inventory.. 63,800 86,500 - 4,400-5400 KIBAN INC Income Statement For Year Ended June 30, 2017 ..220,700 185.90 124,000 115,000 27,000) 8.00) Total current assets Equipment Accum. depreciation- Equipment Total assets Be 13 $678,000 Cost of goods sold Gross proft Operating expenses 15 16 17 2.900 $312200 $2920 11,000 267,000 Liablities and Equity $ 25,000 $30,00 6,000 15,000 Accounts payable 19 $58,600 Wages payable Other expenser 67,000 Income taxes payable 3,400 3.8 34,400 80 Total perating expenses. 21 125,600 Total current liabilities Other gains (losses) 141,400 Notes payable long term Total Siabilities 0,000 0.00 3 Galn on sale of equipment Income before taxes Income taes 64,400 108,800 2000 Equity 143,400 Common stock, $5 par 220,000 160.00 33300 1 $317,700 s29 Net income 43,890 S 99,510 Total tiabilities and Chapter 12 Reporting Cash Flows 573 ditiona note payable is retired at its $30,000 carrying (book) value in exchange for cash. a. A $30,000 The only changes affecting retained earnings are net note paya income and cash dividends paid. New equipment is acquired for $57,600 cash. d Received cash for the sale of equip eived cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. d Expenses and Wages Payable relate to Other Expenses on the income statement Check (1b) Cash paid for dividends, $90,310 (1) Cash received from equip. sale, $10,000 t All purchases and sales of inventory are on credit. Required a statement of cash flows for the year ended June 30, 2017, using the indirect method 2 Compute the company's cash flow on total assets ratio for its fiscal year 2017