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The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 3 0 2 0 2 1 2 0 2
The following financial statements and additional information are reported. 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. Required: Prepare a statement of cash flows using the indirect method for the year ended June Note: Amounts to be deducted should be indicated with a minus sign
The following financial statements and additional information are reported.
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.
Required:
Prepare a statement of cash flows using the indirect method for the year ended June
Note: Amounts to be deducted should be indicated with a minus sign
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