Problem 12 Accouting Textbook Chapter 12 Homework 2 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash 98,500 59,000 87,500 78,800 109,000 Part 1 of 3 66,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable 8,400 5,900 270,700 2.5 points 242,400 139,000 130,000 4,500) (16,500) 375,200 $355,900 Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value 40,000 52,500 18,000 6 800 7,500 4,900 52,400 45,000 77,300 75,000 152,300 97, 4005.1 Retained earnings Total 1iabilities and equity 250,000 175, 000 80 28,600 $375, 200 $355,900 Print IKIBAN I For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $753,000 327,000 Depreciation expense Other expenses $73,600 Total operating expenses 155 600 171,400 other gains (losses) Gain on sale of equipment Income taxes expense 129,510 Prev2 234 016 Next 3 4 5 6 ter 12 Homework 0 Required information Required: (1) Prepare a statement of cash flows for the year ended June 30, 2017, using the in be indicated with a minus sign.) IKIBAN, INC Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 nts Cash flows from operating activities eBook Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Hint Print Changes in currentoperating assets and liabilities References Cash flows from investing activities