Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / The Tollowing Tinancial statemeNts and addltlonal informatlon are reported IKIBAN

The Tollowing Tinancial statemeNts and addltlonal informatlon are reported IKIBAN

The Tollowing Tinancial statemeNts and addltlonal informatlon are reported. IKIBAN INc. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash 93,1ee 68,eee 75,eee 122,5ee 10,200 Accounts receivable, net Inventory Prepaid expenses 101,eee 87,8ee 6,8ee Total current assets 288,7ee 275,7ee 139,eee (21,eee) Equipment Accum. depreciation-Equipment 148,eee (39,eee) $397,7ee $393,7ee Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable 49,eee 8,400 5,80e 66,eee 19,8ee 8,6ee 94,400 84,eee Total current liabilities 63,200 Notes payable (long term) Total liabilities 54,eee 117,20e 178,400 Equity Common stock, $5 par value Retained earnings 268,eee 184,eee 31,30e 12,50e Total liabilities and equity $397,70e $393,70e IKIBAN INc. Income statement For Year Ended June 30, 2017 Sales $798,eee Cost of goods sold 435,e0e Gross profit 363,eee Operating expenses Depreciation expense $82,600 91,eee other expenses Total operating expenses 173,60e 189,40e other gains (losses) Gain on sale of equipment 4,400 Income before taxes 193,80e Income taxes expense 46,290 $147,51e Net income Additional Information a. A $30,000 note payable Is retlred at Its $30,000 carrylng (book) value In exchange for cash b. The only changes affecting retalned earnings are net Income and cash dividends pald. c. New equipment is acquired for $81,600 cash d. Recelved cash for the sale of equipment that had cost $72,600, ylelding a $4,400 galn. e. Prepald Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of Inventory are on credlt 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.) IKIBAN, INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities 0 Cash flows from investing activities 0 Cash flows from financing activities 0 S Net increase (decrease) in cash 0 Cash balance at prior year-end Cash balan at current year-end

Feb 06 2020 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions