Here is the my answer (which is partially wrong) and below is the prompt. I need help
IKIBAN , INC Statement of Cash Flows ( Indirect Method ) For Year Ended June 30 . 2017 Cash flows from operating activities Net income 5 109 510 Adjustments to reconcile net income to net cash provided by operating activitie Income statement items not affecting cash Depreciation expense 3. 600 Changes in current operating assets and liabilities Increase in accounts receivable ( 16, 500 ) Decrease in inventory 25 . 200 Decrease in prepaid expenses Decrease in accounts payable (7,500 ) Decrease in wages payable (9 500) Decrease in income taxes payable (900) Net cash provided by operating activities 165 410 Cash flows from investing activities Cash paid for equipment ( 62,600) Gain on sale of plant assets 2.500 Net cash used in investing activities ( 60 , 100 ) Cash flows from financing activities Cash paid to retire notes (30 000) Cash received from stock issuance 5000 Cash paid for dividends (90 310 ) Net cash used in financing activities ( 55 , 310 ) Net increase ( decrease ) in cash 50.000 Cash balance at prior year-end 49000 Cash balance at current year-end 90.000IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $104,500 $ 49,000 Accounts receivable, net 72,500 56,000 Inventory 63,300 94,000 Prepaid expenses 4,900 6,400 Total current assets 250,700 205,400 Equipment 129,000 120,000 Accum. depreciationEquipment 29,500} 11,500} Total assets $350,200 $313,900 Liabilities and Equity Accounts payable $ 30,000 $ 37,500 Wages payable 6,500 16,000 Income taxes payable 3,900 4,300 Total current liabilities 40,400 53,300 Notes payable (long term) 35,000 65,000 Total liabilities 75,400 123,300 Equity Common stock, $5 par value 230,000 165,000 Retained earnings 44,300 25,600 Total liabilities and equity $3507200 $3137900 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales $703,000 Cost of goods sold 416,000 Gross profit 237,000 Operating expenses Depreciation expense $63,600 other expenses 72,000 Total operating expenses 135,600 151,400 other gains (losses) Gain on sale of equipment 2,500 Income before taxes 153,900 Income taxes expense 44,390 Net income $109,510 Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $62,600 cash. d. Received cash for the sale of equipment that had cost $53,600. yielding a $2,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory' areI on credit
