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How do i calculate? The following nancial statements and additional information are reported. IKIEEH INC. Comparative Balance Sheets June 30, 2019 and 2010 2019 2010

How do i calculate?

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The following nancial statements and additional information are reported. IKIEEH INC. Comparative Balance Sheets June 30, 2019 and 2010 2019 2010 Assets Cash 5 06,900 5 45,000 Accounts receivable, net 66,500 52,000 Inventory 64,000 08,000 Prepaid expenses 4,500 5,600 Total current assets 222,100 190,600 Equipment 125,000 116,000 Accum. depreciationEquipment {22,500} [9,500] Total assets $320,200 $29?,100 Liabilities and Equity accounts payable $ 26,000 $ 31,500 Wages payable 6,100 15,200 Income taxes payable 3,500 4,000 Total current liabilities 35,600 50,?00 Notes payable (long term} 30,200 61,000 Total liabilities 65,000 111,200 Equity Common stock, 55 par value 222,000 161,000 Retained earnings 32,400 24,400 Total liabilities and equity $320,200 5297.100 IKIBEH INC. Income Statement For Year Ended June 30, 2019 Sales $633,000 Cost of goods sold 412,000 Gross profit 221,000 Operating expenses Depreciation expense $59,600 Other expenses 63,000 Total operating expenses 127,600 143,400 Other gains (losses) Gain on sale of equipment 2,100 Income before taxes 145,500 Income taxes expense 43,990 Net income $101,510 Additional Information a. A $30,800 note payable is retired at its $30,800 carrying {book} value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. 1:. New equipment is acquired for $58,600 cash. d. Received cash for the sale of equipment that had cost $49,600. yielding a $2.100 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the direct method. prepare the statement of cash flows for the year ended June 30. 2019. [Amounts to be deducted should be Indicated with a minus sign.} m Cash ows from investing activities _ Cash paid for equipment (61,400) $ 143,000 (61 ,409) Cash flows from nancing activities _ Cash received from stock issuance 67,500 Cash paid for dividends (104,000) (35,509) Net increase {decrease} in cash Cash balance at prior yearend $ 168,600 Cash balance at current year-end

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