Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following financial statements and additional information are reported. table [ [ , , ] , [ , , ] , [ , ,
The following financial statements and additional information are reported. tableCash flows from investing activitie,,YPECash flows from financing activitie,,:pNet increase decrease in cash,,Cash balance at prior yearend,,Cash balance at current yearend,, Compute the company's cash flow on total assets ratio for its fiscal year Using the direct method, prepare the statement of cash flows for the year ended June
Note: Amounts to be deducted should be indicated with a minus sign.
IKIBAN INCORPORATED
Comparative Balance Sheets
At June
Assets
Cash $ $
Accounts receivable, net
Inventory
Prepaid expenses
Total current assets
Equipment
Accumulated depreciationEquipment
Total assets $ $
Liabilities and Equity
Accounts payable $ $
Wages payable
Income taxes payable
Total current liabilities
Notes payable long term
Total liabilities
Equity
Common stock, $ par value
Retained earnings
Total liabilities and equity $ $
IKIBAN INCORPORATED
Income Statement
For Year Ended June
Sales $
Cost of goods sold
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
A $ notes payable is retired at its $ carrying book value in exchange for cash.
The only changes affecting retained earnings are net income and cash dividends paid.
New equipment is acquired for $ cash.
Received cash for the sale of equipment that had cost $ yielding a $ gain.
Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement.
All purchases and sales of inventory are on credit.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started