comparative Dance Sheet June 30, 2019 and 2018 2019 2018 $ 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) $317,700 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000 $ 292,900 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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 $ 25,000 6,000 3,400 34,400 30,000 64,400 $ 30,000 15,000 3,800 48,800 60,000 108,800 220,000 33,300 $317,700 160,000 24,100 $ 292,900 IKIBAN INC. Income Statement For Year Ended June 30, 2019 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 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,000 143,400 43,890 $ 99,510 Additional Information 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600. yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Prey 1 of 1 !!! Scose answer > Chech f. All purchases and sales of inventory are on credit Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019. (Amounts to be deducted should be indicated with a minus sign.) + nes IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities Net income 5 99,510 Adjustments to reconcile net income to not cash provided by operating activities Income statement items not affecting cash Cash received from customers Changes in current operating assets and be 1 Required information Changes in current operating assets and liabilities 2 points eBook Hint Print References 99,510 Cash flows from investing activities 0 Cash flows from financing activities (Mc Prov 1 of 1 Score answer > Gran Hill a 8 1 P Required information Cash flows from investing activities 0 Book Cash flows from financing activities Hint Print erences 0 99.510 Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ 99,510 Prey 1 of 1 !!! Score