IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $101,500 80,000 73,800 5,400 260,700 134,000 54,000 61,000 101,500 7,400 223,900 125,000 (32,000) (14,000) $362,700 $334,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total 1iabilities and equity $ 35,000 7,000 4,400 46,400 40,000 86,400 45,000 17,000 5,800 67,800 70,000 137,800 170,000 27,100 $362,700 $334,900 240,000 36,300 IKIBAN ING Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $728,000 421,000 307,000 Depreciation expense $68,600 77,000 Other expenses Total operating expenses 145,600 161,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,000 164,400 44,890 $119,510