Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total Habilities Equity Common stock, 55 par value Retained earnings Total Habilities and equity $ 87,580 65,000 63,800 4,400 220,788 124,000 (27,eee) 5317,700 $ 44,000 51,800 86,500 5,400 186,900 115,000 (9,000 5292,900 $ 25,eee 6,00 3,400 34,400 30,000 64,400 $ 3,80 15,000 3,880 48,800 60,00 108,800 220,00e 33,300 $317,700 160,000 24,100 5292,900 5678,000 411,000 267.000 IKTBAN INC Income Statement For Year Ended June 30, 2019 Sales Cost of coods sold Gross profit Operating expenses Depreciation expense 558.600 Other expenses 62.000 Total cerating expenses Other wins Cosses) Gais on sale of coupont Income before taxes Income taxes capente Het income 125.500 141,400 2,000 143,400 $ 99,510 Additional Information Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 201 be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (indirect Method) 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 Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at prior year-end o search (Prey 0 Required information [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total Habilities Equity Common stock, 55 par value Retained earnings Total Habilities and equity $ 87,580 65,000 63,800 4,400 220,788 124,000 (27,eee) 5317,700 $ 44,000 51,800 86,500 5,400 186,900 115,000 (9,000 5292,900 $ 25,eee 6,00 3,400 34,400 30,000 64,400 $ 3,80 15,000 3,880 48,800 60,00 108,800 220,00e 33,300 $317,700 160,000 24,100 5292,900 5678,000 411,000 267.000 IKTBAN INC Income Statement For Year Ended June 30, 2019 Sales Cost of coods sold Gross profit Operating expenses Depreciation expense 558.600 Other expenses 62.000 Total cerating expenses Other wins Cosses) Gais on sale of coupont Income before taxes Income taxes capente Het income 125.500 141,400 2,000 143,400 $ 99,510 Additional Information Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 201 be indicated with a minus sign.) IKIBAN, INC. Statement of Cash Flows (indirect Method) 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 Cash flows from investing activities Cash flows from financing activities Net increase (decrease in cash Cash balance at prior year-end o search (Prey 0
