Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following financial statements and additional Information are reported. IKTIAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 $83.900 74, 69.880 5,800
The following financial statements and additional Information are reported. IKTIAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 $83.900 74, 69.880 5,800 232,780 13e.ee a po $332.780 se.800 57,600 95.5 6.600 209,10 121.00 12.000) $318,160 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accun. depreciation Equipment Total assets 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 earnings Total liabilities and equity $ 31, e 6. Gee 4. 41.680 36,88e 77,680 39. 16.200 5.ee 62.280 6 6.880 126,280 232.ee 23.100 $332,780 166.680 25.900 $318,100 IKIBAN INC. Income Statement For Year Ended June 30, 2018 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $64,6ee Other expenses 73,620 Total operating expenses $788.00 417.889 291,880 137,6ee 153,480 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net Income 2.600 156.689 44,499 $111,510 Additional Information b. The only changes affecting retained earnings are net Income and cash dividends pald. d. Received cash for the sale of equipment that had cost $54.600.ylelding a $2.600 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 Choose Numerator: Cash Flow on Total Assets Ratio Choose Denominator: = Cash Flow on Total Assets Ratio = Cash flow on total assets ratio
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