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Required information Use the following information for the Exercises below. (The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2017 $ 47,000 54,000 91,000 6,000 198,000 118,000 (10,500) IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 85,700 Accounts receivable, net 69,500 Inventory 66,800 Prepaid expenses 4,700 Total current assets 226,700 Equipment 127,000 Accum. depreciation- (28,500) Equipment Total assets $325, 200 Liabilities and Equity Accounts payable $ 28,000 Wages payable 6,300 Income taxes payable 3,700 Total current liabilities 38,000 Notes payable (long term) 33,000 Total liabilities 71,000 Equity Common stock, $5 par value 226,000 Retained earnings 28, 200 Total liabilities and equity $325,200 $305,500 $ 34,500 15,600 4,400 54,500 63,000 117,500 163,000 25,000 $ 305,500 Llapilities and Equity Accounts payable $ 28,000 Wages payable 6,300 Income taxes payable 3,700 Total current liabilities 38,000 Notes payable (long term) 33,000 Total liabilities 71,000 Equity Common stock, $5 par value 226,000 Retained earnings 28, 200 Total liabilities and equity $325,200 $ 34,500 15,600 4,400 54,500 63,000 117,500 163,000 25,000 $305,500 IKIBAN INC. Income Statement For Year Ended June 30, 2018 Sales $693,000 Cost of goods sold 414,000 Gross profit 279,000 Operating expenses Depreciation $61,600 expense Other expenses 70,000 Total operating 131,600 expenses 147, 400 Other gains (losses) Gain on sale of 2,300 equipment Income before taxes 149,700 Income taxes expense 44,190 Net income $ 105,510 Additional Information Income taxes expense Net income 44,190 $105,510 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. c. New equipment is acquired for $60,600 cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 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. Exercise 12-11 Indirect: Preparing statement of cash flows (Part 1) LO P1, P2, P3, A1 Required: (1) Prepare a statement of cash flows for the year ended June 30, 2018, using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2018 Cash flows from operating activities Net income $ 105,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 61.600 Answer is not complete. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2018 Cash flows from operating activities Net income $ 105,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 61,600 Gain on sale of plant assets (2,300) Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable (15,500) 24,200 1,300 (6,500) (9,300) (700) $ 158,310 Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment 0 Net cash used in investing activities Cash flows from financing activities Cash paid for dividends Cash received from stock issuance Cash paid to retire notes (30,000) Net cash used in financing activities (30.000) II ICOMTE slalemleri ileNTIS TIUL alleCuliu Casil Required information Changes in current operating assets and liabilities Increase in accounts receivable > Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable (15,500) 24,200 1,300 (6,500) (9,300) (700) $ 158,310 Net cash provided by operating activities Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment > 0 Net cash used in investing activities Cash flows from financing activities Cash paid for dividends Cash received from stock issuance Cash paid to retire notes (30,000) (30,000) 128,310 $ Net cash used in financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end 128,310 equipment Income before taxes Income taxes expense Net income 149,700 44,190 $ 105,510 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. c. New equipment is acquired for $60,600 cash. d. Received cash for the sale of equipment that had cost $51,600, yielding a $2,300 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. Exercise 12-11 Indirect: Preparing statement of flows (Part 2) LO P1, P2, P3, A1 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2018. Choose Numerator: Operating cash flows Cash Flow on Total Assets Ratio Choose Denominator: Cash Flow on Total Assets Ratio 1 Average total assets Cash flow on total assets ratio / = 0