Exercise 16-11 Indirect: Preparation of statement of cash flo The following information applies to the questions displayed below. The following financial statements and additional Information are reported. IKIBAN INC Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash Accounts recelvable, net 87500 44,000 51,000 65,000 63,800 Inventory Prepaid expenses 4,40086,500 5,400 Total current assets Equipment Accum. depreciation-Equipment 220,700 124,000 (27000) 186,900 115,000 (9,000) Total assets $317700$292,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 25,000 6,000 3.400 $ 30,000 15,000 3,800 34.400 30.000 48,800 60,000 Total current llabilities Notes payable (long term 64.400 108,800 Total liabilities Equity Common stock, $5 par value 220,000160,000 24,100 Retained earnings 33,300 Total liablities and equity $ 317700$292,900 IKIBAN INC Income Statement