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What is the cash received from sale of equipment and the cash paid for dividends?? IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016
What is the cash received from sale of equipment and the cash paid for dividends??
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum, depreciation-Equipment Total assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 65,000 63,800 4,480 220,700 124,000 $317,700 $292,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Hotes paysble (long term) Total liabilities Equity Common stock, $5 par valuse $ 25,000 30,000 6,000 3,400 34,400 15,000 3,800 48,800 60,000 108,800 0,00091 64, 400 Retained earnings Total liabilities and equity 220,008 33,300 160,000 24, 100 $317, 700 292,900 IKBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $678,000 411,000 267,000 Depreciation expense $58,600 67,000 Other expenses Total operating expenses 125,600 141,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2,000 143,400 43,890 $ 99,51e 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 $57600 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 Other Expenses on the income statement f. All purchases and sales of inventory are on credit. Decrease in inventory Decrease in prepaid expenses 2,700 1,000 Net cash provided by operating activities S 151,410 Cash flows from investing activities Cash received from sale of equipment Cash paid for equipment (57,600) Net cash used in investing activities (9,000) Cash flows from financing activities Cash paid for dividends Cash paid to retire notes Cash received from stock issuance (33,300) (30.000) 60.000 Net cash used in financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end (3.300) S139, 110 44.000 S183,110 Step by Step Solution
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