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Using the Direct Method, prepare the statement of Cash flows for the year June 30, 2017. Comparative Balance Sheet:s June 38, 2917 and 2816 Assets

Using the Direct Method, prepare the statement of Cash flows for the year June 30, 2017.
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Comparative Balance Sheet:s June 38, 2917 and 2816 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 99,700 57,0ee 64,000 76,80 16,8e0 8,800 235,800 137,800128,000 84,580 5,700 266,70 (33,500) (15,500) 5370,200 347,580 Liabilities and Equity Accounts payable Hages payable Income taxes payable Total current liabilities Notes payable (long term Total 1iabilities Equity Common stock, S5 par value Retained earnings Total liabilities and equity 38,000 4,700 50,000 43,000 93,000 49,580 7,30017,608 6,400 73,500 73,000 146,500 246,000 173,000 28,000 $370,280 $347,500 31,200 IKIBAN INC Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses 5743,000 424,003 319,000 571,600 80,000 Depreciation expense Other expenses Total operating expenses 151,600 167,400 Other gains (losses) Gein on sale of equipment Income before taxes Income taxes expense iet income 178,780 45,190 125,51 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 $70,600 cash d. Received cash for the sale of equipment that had cost $61,600. yleiding a $3,300 gain e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement t All purchases and sales of inventory are on credit

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