ve June 30, 2017 and 2816 Assets Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $190, 300$56,e00 63,88e 75,880184,5e0 7 880 264,700 231,380 127,000 (33,800) (15,ee) $367, 70e $343,380 83,800 136,800 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity s 37,88e 48,880 17,480 7,200 4.680 48, 888 0z68 71,600 42,000 9e,888 7286 143,6e0 244,e00172,800 32,998 27-788 $367, 70e $343,30e IKIBAN Income Statement For Year Ended June 30, 2817 $738,880 Sales Cost of goods sold Gross profit Operating expenses 315,868 Depreciation expense Other expenses total operating expenses 165.486e other gains (losses) Gain on sale of equipment income before taxes Income taxes expense 168,6a6e Prey Income Statement Sales Cost of goods sold Gross profit Operating expenses $738,800 423,8e0 15,89 Depreciation expense $78,600 Other expenses Total operating expenses 165,400 other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3,280 168,688 45,890 $123, 51e 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, yielding a $3,200 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 ces Using the direct method, prepare the statement of cash flows for the year ended June 30. 2017 (Amounts to be deducted should be Indicated with a minus sign.) KIBAN, INC Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activites Prey 3 of 3 Next