Exercise 16-11B Direct: Preparation of statement of cash flows LO P Use the following finandial statements and additional information. IKIBAN INC Comparative Balance Sheets June 30, 2013 and 2012 Assets Cash Accounts receivable, net $ 102,200 60,800 69,700 66,600 51,700 4,300 128,300 17,000 5,500 Prepaid expenses Equipment oum doprciaionEquipment (28,800) (10,900) Total assets 343,500 $319,700 Liabilitios and Equity Accounts payable Wages payable Income taxes payable Notes payable (long term) Common stock, $5 par value Retained eamings s 26,400 32,500 16,900 4,500 74,000 7,500 2,900 50,000 232,000 24,700 184,000 7,800 Total liabilities and equity 343,500 $319,700 KIBAN INC Income Statement For Year Ended June 30, 2013 Sales Cost of goods sold 674,000 408,000 Gross proft Operating expenses 266,000 $ 58,300 66,800 Depreciation expense Other expenses Total operating expenses Other gains (losses) 125,100 140,900 2,200 143,100 Gain on sale of equipment Income before taxes Income taxes expense 57,240 Net income $ 85,860 MacBook Air