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please help with a-f Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 (The following information applies to the
please help with a-f
Required information Exercise 12-12 (Algo) Indirect: Preparing statement of cash flows LO P2, P3, A1 (The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets At June 30 2020 2019 Assets Cash $ 97,900 $ 60,000 Accounts receivable, net 89,000 67,000 Inventory 79,800 110,500 Prepaid expenses 6,000 8,600 Total current assets 272,700 246,100 Equipment 140,000 131,000 Accum. depreciation Equipment (35,000) (17,000) Total assets $377,700 $360,100 Liabilities and Equity Accounts payable $ 41,000 $ 54,000 Wages payable 7,600 18, 200 Income taxes payable 5,000 7,000 Total current liabilities 53,600 79,200 Notes payable (long term) 46,000 76,000 Total liabilities 99,600 155,200 Equity Common stock, $5 par value 252,000 176,000 Retained earnings 26,100 28,900 Total liabilities and equity $377,700 $360,100 IKIBAN INC. Income Statement For Year Ended June 30, 2020 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income $ 758,000 427,000 331,000 83,000 74,600 173,400 3,600 177,000 45,490 $ 131,510 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 $73,600 cash. d. Received cash for the sale of equipment that had cost $64,600, ylelding a $3,600 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement f. All purchases and sales of inventory are on credit. Required information For Year Ended June 30, 2019 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 0 Cash flows from investing activities 0 Cash flows from financing activities 0 $ 0 Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end $ nu BRO
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