work #7 Saved Check my work mode : This shows what is correct or incorrect for the work you ha 2 Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 79,700 Accounts receivable, net 96,500 Inventory 84,800 Prepaid expenses 6,500 Total current assets 267,500 Equipment 145,000 Accum. depreciation-Equipment (37,500) Total assets $375,000 Liabilities and Equity Accounts payable $ 46,000 Wages payable 8,100 Income taxes payable 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 Total liabilities 110,600 Equity Common stock, $5 par value 262,000 Retained earnings 2,400 Total liabilities and equity $375,000 $ 65,000 72,000 118,000 9,600 264,600 136,000 (19,500) $381, 100 $ 61,500 19,200 8,000 88,700 81,000 169, 700 181,000 30,400 $381, 100 Check my work mode: This shows what is correct or incorrect for the work y Required information Answer is not complete. IKIBAN, INC. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2018 Cash flows from operating activities Net income $ 141,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 79,600 Gain on sale of plant assets (4,100) SIS (24,500) 33,200 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 Decrease in income taxes payable 3,100 15,500 X 11,100 2,500 X $ 257,910 Net cash provided by operating activities Cash flows from investing activities