Exercise 16-10 Indirect: Preparation of statement of cash flows LO P1 The following information applies to the questions displeyed below, The following financlal statements and additional Information are reported IKIBAN INC Comparative Balance Sheets June 30, 2013 and 2012 2013 Assets Cash Accounts receivable, net Iinventory Prepald expenses $106,600 64,700 51,300 96,700 4,600 128,5000100) 69,600 66,600 6,400 117,000 Accum. depreciation-Equipment (28,700) Total assets $349,000 $324,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Notes payable (long term) Common stock, $5 par value Retained earnings S 26,700 32,800 16,300 3,600 76,000 240,000188,000 7,500 7400 3,000 47,000 24,900 Total liablities and equity $349000 $324.200 IKIBAN INC. Income Statement For Year Ended June 30, 2013 Sales Cost of goods sold s 677000 403,000 Gross profit Operating expenses 274,000 Depreciation expense Other expenses $ 58,400 66100 Total operating expenses 124,500 149,500 Otner gains (losses