Required information IThe following information applies to the questions displayed below The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 3e, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 94,36066,000 73,e00 85,800119,58 9,880 98,000 6,600 284,7e0268.3e0 146,000 137,000 (38,000)(20,000) $392,700$385,3e0 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 47,008 63,0e0 19,400 8,200 98,680 52,0882,8ee 8, 200 5,600 60,800 -12 80172,666 264,000182,00e 30,700 15,988 392,700 $385,3e KBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $788,000 433,000 355,000 $80,600 89,980 Depreciation expense Other expenses Total operating expenses 169,608 185,400 Other gains (losses) Gain on sale of equipment Income before taxes Incone taxes expense Net income 4,200 189,600 46,090 5143,510 search