Exercise 16-12B Direct: Preparation of statement of cash flows L The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 Assets Accounts receivable, net Prepaid expenses 87,500 44,000 65,000 51,000 63,800 86,500 4,400 5,400 Total current assets Equipment Accum. depreciation-Equipment 220,700 124,000 186,900 115,000 (27,000)(9,000) Total assets $317,700$ 292,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable 30,000 15,000 3,800 25,000 6,000 3,400 Total current liabilities Notes payable (long term) 34,400 30,000 48,800 60,000 Total liabilities Equity Common stock, $5 par value Retained eamings 64.400 108,800 220,000 33,300 160,000 24,100 Total liabilities and equity 317,700 $ 292,900