IKIBAN INCORPORATED At June 30 Assets Cash Comparative Balance Sheets 2021 2828 $ 94,900 Accounts receivable, net 96,500 Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity 84,800 $ 65,000 72,000 118,000 6,500 9,600 282,700 264,600 145,000 (37,500) 136,000 (19,500) $ 381,100 $ 390,200 Accounts payable $ 46,000 $ 61,500 Wages payable 8,100 19,200 Income taxes payable 5,500 8,000 Total current liabilities 59,600 88,700 Notes payable (long term) Total liabilities 51,000 81,000 110,600 169,700 Equity Common stock, $5 par value 262,000 181,000 Retained earnings 17,600 30,400 Total liabilities and equity $ 390,200 $ 381,100 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Depreciation expense Operating expenses (excluding depreciation) other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 783,000 432,000 351,000 88,000 79,600 183,400 4,100 187,500 45,990 $ 141,510