IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $105,100 71,000 67,800 4,800 248,700 128,000 (29,000) $347,700 $ 48,000 55,000 92,500 6,200 201,700 119,000 (11,280) $309,700 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 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 liabilities and equity $ 29,000 6,400 3,800 39,200 34,000 73,200 $36,000 15,800 4,600 56,400 64,000 120,400 228,800 46,500 $347,700 164,000 25,300 $309,700 $698,000 415,000 283,000 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $62,620 other expenses 71.000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 133,600 149,400 2.400 151,800 44, 290 $107,510 Tormation 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 $61600 cash d. Received cash for the sale of equipment that had cost $52,600 yielding a $2,400 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 Required information For Year Ended June 30, 2019 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end