need help answering

Comparative Balance Sheets June 36, 2617 and 2616 2617 2616 Assets Cash 3 37,533 3 44,333 Accounts receivable, net 65,000 51,600 Inventory 33, 333 33-, 533 Prepaid expenses 4,400 5,400 Total current assets 220,700 106,900 Equipment 124,000 115,000 Accum. depreciationEquipment {27,000} (9,600) Total assets $317,700 $292,900 Liabilities and Equity Accounts payable 6 25,000 $ 30,000 Wages payable 6,000 15,000 Income taxes payable 3,400 3,600 Total current liabilities 34,400 46,800 Notes payable {long term} 30,000 60,000 Total liabilities 64,400 103,800 Equity Common stock, $5 par value 220,000 160,000 Retained earnings 33,300 24,100 Total liabilities and equity $317,700 $292,900 IKIBAN INC. Income Statement For Year Ended June 30, 2617 Sales $676,000 Cost of goods sold 411,000 Gross profit 267,000 Operating expenses Depreciation expense $56,600 other expenses 67,000 Total operating expenses 125,600 141,433 other gains (losses) Gain on sale of equipment 2,000 Income before taxes 143,400 Income taxes expense 43,390 Net income 3 99,510 Additional Information 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. (1. New equipment is acquired for $52600 cash. d. Received cash for the sale of equipment that had cost $48500, yielding a $2,000 gain. 2. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Using the direct method, prepare the statement of cash ows for the year ended June 30, 2017. (Amounts to be deducted should be indicated with a minus sign.) 9 Answer is not complete. Cash ows from operating activities Cash received from customers 3 664,000 a Cash paid for inventory (393,300) 9 9 9 Cash paid for cperating expenses 9 (75.000) 0 9 9 9 Cash paid for income taxes (44.290) 0 Net cash provided by operating activities Cash ows from investing activities $ 151,410 Cash received from sale of equipment 10,000 9 Cash paid for inventory (393,300) Cash paid for operating expenses (75,000) Cash paid for income taxes (44,290) Net cash provided by operating activities $ 151,410 Cash flows from investing activities Cash received from sale of equipment 10,000 Cash received from sale of equipment X (57,600) (47,600) Cash flows from financing activities Cash paid to retire notes 30,000 x Cash paid for dividends 90,310 X Cash received from stock issuance 60,000 180,310 Net increase (decrease) in cash $ 284,120 Cash balance at prior year-end 44,000 Cash balance at current year-end $ 328,120