cises i Saved The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $97,900 89,e00 79,800 6,000 272,700 S 60,00e 67,000 110,s0e 8,600 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment 246, 10e 131,000 (17,000) 140,000 (35,000) Total assets $377,700 $360,100 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long tere) Total liabiYities Equity Common stock, $5 par value Retained eannings $ 41,000 7,600 5,000 53,600 46,000 99,600 S 54,000 18,200 7,000 79,200 76.000 155,200 252,000 26,100 176,000 28,900 Total lisbilities and lequity $377,700 $360,100 IKIBAN INC a Oo ere to search G R Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted shou be indicated with a minus sign.) 3 IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Net income 131,510 ook Adjustments to reconcile net income to net cash provided by operating activities int Income statement items not affecting cash Depreciation expense 74,600 rint Gain on sale of plant assets (3,600) Changes in current operating assets and liabilities Increase in accounts receivable (22.000) 30,700 Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable 2,600 (13.000 (10.600) Decrease in wages payable (2.000) Decrease in income taxes pavable co 56 of 6 Prey 4 Next> raw G pe here to search U Increase in accounts receivable (22,000) 30,700 2,600 (13,000) (10,600) (2,000) Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Net cash provided by operating activities 188,210 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment (73,600) Net cash used in investing activities Cash flows from financing activities Cash received from stock issuance Cash paid to retire notes Cash paid for dividends (73,600) 65,000 (30,000) Net cash used in financing activities 35.000