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Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $105,100 Accounts receivable, net 71,000 Inventory 67,800 Prepaid expenses 4,800 Total current assets 248,700 Equipment 128,000 Accum. depreciation-Equipment (29,000) Total assets $347,700 Liabilities and Equity Accounts payable $ 29,000 Wages payable 6,400 Income taxes payable 3,800 Total current liabilities 39,200 Notes payable (long term) 34,000 Total liabilities 73,200 Equity Common stock, $5 par value 228,000 Retained earnings 46,500 Total liabilities and equity $347,700 $ 48,000 55,000 92,500 6, 200 201,700 119,000 (11,000) $309,700 $ 36,000 15,800 4,600 56,400 64,000 120,400 164,000 25, 300 $309,700 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $62,600 Other expenses 71,000 Total operating expenses $698,000 415,000 283,000 133,600 149.400 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $62,600 Other expenses 71,000 Total operating expenses $698,000 415,000 283,000 133,600 149,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,400 151.800 44,290 $107,510 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 $61,600 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: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (Indirect Method) IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Net income $ 107,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 62,600 Gain on sale of plant assets (2.400) Increase in accounts receivable (16,000) Changes in current operating assets and liabilities Decrease in inventory 24,700 Decrease in prepaid expenses 1,400 Decrease in accounts payable (7,000) Decrease in wages payable (9,400) Decrease in income taxes payable (800) 160,610 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment 32 (61,600) 10,400 (51,200) Cash flows from financing activities Cash received from stock issuance Cash paid for equipment | Cash paid to retire notes 64,000 (86,310) (30,000) Required information Changes in current operaung assers and liabilities Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable 100 24,700 1,400 (7,000) (9,400) (800) $ 160,610 Net cash provided by operating activities Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment (61,600) 10,400 (51,200) Cash flows from financing activities Cash received from stock issuance Cash paid for equipment Cash paid to retire notes 64,000 (86,310) (30,000) $ Net cash provided by financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (52,310) 57,100 48,000 105,100 $
