What else am I missing. It's saying the question is still incomplete
Exercise 16-12 (Static) Indirect: Preparing statement of cash flows LO P2, P3, A1 [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2020 $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accumulated depreciation- (27,000) Equipment $ Total assets 317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained earnings 33,300 Total liabilities and equity 317,700 $ 292,900 $ 30,000 15,000 3,800 48,800 60,000 108,800 160,000 24,100 292,900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 678,000 Cost of goods sold 411,000 Gross profit 267,000 Operating expenses (excluding 67,000 depreciation) Depreciation expense 58,600 141,400 Other gains (losses) Gain on sale of equipment 2,000 Income before taxes 143, 400 Income taxes expense 43,890 Net income $ 99,510 Additional Information a. A $30,000 notes 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 $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) 99,510 IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Cash flows from operating activities Net income $ Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Gain on sale of plant assets 58,600 (2,000) LILIT Changes in current operating assets and liabilities Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable (14,000) 22,700 1,000 (5,000) (9,000) (400) $ 151,410 Cash flows from investing activities Cash paid for equipment Cash received from sale of equipment (57,600) 10,000 (47,600) Cash flows from financing activities Cash paid to retire notes Cash received from stock issuance Cash paid for dividends (30,000) 60,000 (90,310) Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (60,310) $ 43,500 44,000 $ 87,500
