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I need help please The following financial statements and additional information are reported 2014 IKEAN INC Comparative Balance Sheets June 30, 2015 and 2014 2015
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The following financial statements and additional information are reported 2014 IKEAN INC Comparative Balance Sheets June 30, 2015 and 2014 2015 Assets Cash $ 114,700 Accounts receivable, net 70,000 Inventory 65,900 Prepaid expenses 4.600 $ 69,400 51300 96,600 5.700 Total current assets Equipment Accum depreciation Equipment 255,200 123,400 (28,200) 223,000 113,000 110,600) Total assets $350,400 $325,400 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 26,200 7500 2.700 $ 32,300 16.900 4300 53,500 Total current liabilties Notes payable long term 36.400 50,000 27000 86.400 130,500 Total liabilities Equity Common stock $5 par Value Retained earnings 187000 239 000 25,000 7900 Total liabilities and equity $350 400 $325.400 IBAN INC Income Statement For Year Ended June 30, 2015 Sales Cost of goods sold $ 359,000 410.000 259.000 GEOSS pot Operating expenses Depreciation expense Other expenses $ 57900 55,300 Total operating expenses 124.200 134,000 Other gains losses Gam on sale of equipment 2.000 income before taxes Income taxes expense 136 800 54720 Net income $ 80 OBO Aditional information a. A $27000 note payabiles retired at its $27000 carrying book value in exchange for cash The only changes afecting retained earnings are net income and cash diciendis paldi New equipment is acquired for $59100 cash d. Received cash for the sale of equipment that had cost $48D y nga 52000 W e. Prepaid Expenses and Wages Payable relate to other Expenses on the income statement All purchases and sales of inventory are on Credit Prepare a statement of cash flows for the year ended June 30, 2015, using the indirect method (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2015 Cash flows from operating activities Net income $ 82,080 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 57,900 Gain on sale of plant assets (2,000) 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 (18,700) 30,700 1,100 (6,100) (9.400) (1,600) $ 133,980 Cash flows from investing activities 1,100 Cash received from sale of equipment Cash paid for equipment 1,100 Cash flows from financing activities Cash received from stock issuance Cash paid to retire notes Cash paid for dividends 135,080 Net cash used in financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ 135,080 Compute the company's cash flow on total assets ratio for its fiscal year 2015. Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio Cash flow on total assets ratio
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