HOW TO DO THIS QUESTION PLEASE? I TRIED TO FILL IN SOME OF IT, BUT I'M NOT SURE IF ANY OF THAT IS CORRECT OR NOT?
Required Information The following brormation applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June Be, 2017 and 2016 2017 2016 Assets Cash 93, 100 $ 68,000 Accounts receivable, net 101,000 75,000 Inventory 87,800 122,500 Prepaid expenses 16,800 10,200 Total current assets 288,700 275,700 Equipment 148,000 139,000 Accum. depreciation-Equipment (39,000) (21,000) Total assets $397,700 $393,700 Liabilities and Equity Accounts payable $ 49,000 $ 66,000 Wages payable 8,400 19,800 Income taxes payable 5,800 8,600 Total current liabilities 63,200 94,400 Notes payable (long term) 54,000 84,000 Total liabilities 117,200 178,400 Equity Common stock, $5 par value 268,000 184,000 Retained earnings 12,500 31,300 Total liabilities and equity $397,700 $393,700 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales $798,000 Cost of goods sold 435,900 Gross profit 363,000 Operating expenses Depreciation expense $82,600 Other expenses 91,000 Total operating expenses 173,600 189,490 Other gains (losses) Gain on sale of equipment 4.400 Retained earnings Total liabilities and equity 12.500 $397,700 31,300 $393,700 IKIBAN INO Income Statement For Year Ended June 30, 2017 Sales $798,000 Cost of goods sold 435.000 Gross profit 363,000 Operating expenses Depreciation expense $82,600 Other expenses 91,000 Total operating expenses 173,600 189,400 Other gains (losses) Gain on sale of equipment 4,400 Income before taxes 193,800 Income taxes expense 46,290 Net income $147,510 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 pald. c. New equipment is acquired for $81,600 cash d. Received cash for the sale of equipment that had cost $72,600, ylelding a $4,400 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. quired: Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method. (Amounts to be deducted should Indicated with a mlaus sign.) IKIBAN, INC Prev 1 of 1 Next search Required: (1) Prepare a statement of cash flows for the year ended Dune 30, 2017 using the Indirect method (Amounts to be deducted should be indicated with a minus sign. KIBANING Statement of Casti Flows Indirect Method) Far Year Ended June 30, 2017 Cash flows from operating activities Not income Adjustments to roconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Gain on sale of plant assets Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Decrease in income taxes payable Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment Cash flows from financing activities Net increase idecrease in cash Cash balance at prior year-end Cash balance at current year end Prev Next
