Required information Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIRAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $103,900 74,000 69,800 5.000 252,700 130,000 (30.000) $352,700 $ 50,000 57,000 95,500 6.600 209,100 121,000 (12.0002 $318,100 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Aceum. 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 earning Total liabilities and equity $ 31,000 6,600 4.000 41,600 36,000 77,600 $ 39,000 16,200 5,000 60,200 66,000 126,200 232,000 43.100 $352, 700 166,000 25,900 $318,100 $700,000 417.000 291,000 IKINAN INC. Income statement For Year Ended: June 30, 2017 Sales Cost of goods sold Gross profit Operating expenson Depreciation expense 564,600 Other expenses 73,000 total operating expennan Other ginn (lonnes) Gain on sale of equipment Income before taxes Income taxes experto Set incon 137,600 153.400 2.600 156,000 44.490 5111,510 C TW