Exercise 12-11 Indirect: Preparation of statement of cash flows LO P1, P2, P3, A1 The following information applies to the questions displayed belowj The following financial statements and additional information are reported. KIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets 109.100 55,600 Cash Accounts receivable, net 69.300 51,400 Inventory 66100 96,200 Prepaid expenses 4.300 6,200 Total current assets 248,800 209,400 Equipment 130,500 118,000 (28,800) Accum. depreciation Equipment (10,300) Total assets 350,500 317.100 Liabilities and Equity 26,600 32,100 Accounts payable 7600 Wages payable 16,400 Income taxes payable 2,500 4.300 Total current liabilities 36.700 52,800 51,000 Notes payable (long term) 73,000 125,800 Total liabilities 87700 Equity Common stock, $5 par value 238,000 183.000 24,800 Retained earnings 8.300 350,500 317.100 Total liabilities and equity