Required information Cash flows from operating activities Net income $ 105,100 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 $ 105,100 Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end 0 0 $ 105,100 $ 105,100 [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets Cash Accounts receivable, net Prepaid expenses Inventory Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity Sales Cost of goods sold 2021 2020 $ 105,100 $ 48,000 71,000 55,000 67,800 92,500 4,800 6,200 248,700 201,700 128,000 (29,000) $ 347,700 119,000 (11,000) $ 309,700 $ 29,000 6,400 $ 36,000 15,800 4,600 3,800 39,200 56,400 34,000 64,000 73,200 120,400 228,000 164,000 46,500 25,300 $ 347,700 $ 309,700 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 $ 698,000 415,000 283,000 71,000 Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information 62,600 149,400 2,400 151,800 44,290 $ 107,510