Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated 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 2021 2020 $ 102,100 $ 53,000 78,500 72,800 60,000 100,000 5,300 7,200 258,700 220,200 133,000 (31,500) $ 360,200 $ 34,000 6,900 4,300 124,000 (13,500) $ 330,700 $ 43,500 16,800 5,600 45,200 65,900 39,000 69,000 84,200 134,900 238,000 169,000 Retained earnings 38,000 Total liabilities and equity $ 360,200 26,800 $ 330,700