Saved Help Sa 207 Ch 12 Homework 1 30 points 01:50:49 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 $100,300 $ 56, eee Accounts receivable, net 83, eee 63, eee Inventory 75,860 184,5ee Prepaid expenses 5,600 7,800 Total current assets 264,700 231,300 Equipment 136,000 127,000 Accum depreciation Equipment (33,000) (15,800) Total assets $367,700 $343, 300 Liabilities and Equity Accounts payable $ 37,800 $ 48,000 Wages payable 7,200 17,400 Income taxes payable 4,600 6, 2ee Total current liabilities 48,888 71,600 Notes payable (long term) 42,000 72,000 Total liabilities 99,800 143,600 Equity Common stock, 55 par value 244,000 172,000 Active Goto Me Pri SE Nav Help Saved 12 Homework Equity Common stock, $5 par value Retained earnings Total liabilities and equity 244,000 32,9ee $367,700 172, eee 27,700 $343,300 $738,000 423,000 315,000 -0.22 IKIBAN INC Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $70,60 other expenses 79,000 Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 149,600 165,400 3,200 168,600 45,090 $123,510 Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. Prev 1 of 1 Next Served Help 107 Ch 12 Homework 1 $738,000 423, e80 315,080 IKIBAN INC. Income Statement For Year Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $70,600 Other expenses 79, eee Total operating expenses Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Gints 149,600 165,400 8 01:49:48 3,200 168,600 45,090 $123,510 -Book Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $69,600 cash d. Received cash for the sale of equipment that had cost $60,600, ylelding a $3,200 gain e. Prepaid Expenses and Wages Payable relate to other Expenses on the income statement f. All purchases and sales of inventory are on credit Required information 1 IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2019 Cash flows from operating activities 30 points 8 01:48:40 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash eBook Changes in current operating assets and liabilities Mc Graw Prev 1 of 1 FEE Next MO7 Ch 12 Homework Saved Required information 1 Changes in current operating assets and liabilities 30 points 8 01:48.21 BOOK $ 0 Cash flows from investing activities 0 Cash flows from financing activities Mc Graw HII Prey 1 of 1 Next Ch 12 Homework Required information 1 $ 0 Cash flows from investing activities 01:48:06 0 Book Cash flows from financing activities 0 0 Net increase (decrease in cash Cash balance at prior year-ond Cash balance at current year-end $
