IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash Prepaid expenses Accounts receivable, net Inventory Total current assets Equipment Accumulated 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 $ 99,700 84,500 76,800 2020 $ 57,000 64,000 106,000 5,700 8,000 266,700 235,000 137,000 (33,500) $ 370,200 $ 38,000 7,300 4,700 128,000 (15,500) $ 347,500 $ 49,500 17,600 6,400 50,000 73,500 43,000 73,000 93,000 146,500 246,000 31,200 173,000 28,000 Total liabilities and equity $ 370,200 $ 347,500 IKIBAN INCORPORATED Income Statement Sales Cost of goods sold For Year Ended June 30, 2021 $ 743,000 424,000 319,000 80,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 71,600 167,400 3,300 170,700 45,190 $ 125,510