The following financial statements and additional Information are reported. IKIBAN INCORPORATED Comparative Balance Shee

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The Following Financial Statements And Additional Information Are Reported Ikiban Incorporated Comparative Balance Shee 1 (33.97 KiB) Viewed 11 times

The Following Financial Statements And Additional Information Are Reported Ikiban Incorporated Comparative Balance Shee 2 (53.69 KiB) Viewed 11 times

The Following Financial Statements And Additional Information Are Reported Ikiban Incorporated Comparative Balance Shee 3 (41.41 KiB) Viewed 11 times

The Following Financial Statements And Additional Information Are Reported Ikiban Incorporated Comparative Balance Shee 4 (33.82 KiB) Viewed 11 times

The following financial statements and additional Information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 Assets 2021 2020 Cash $ 76,700 $ 62,000 Accounts receivable, net Inventory 92,000 69,000 81,800 113,500 Prepaid expenses 6,200 9,000 Total current assets 256,700 253,500 Equipment 142,000 Accumulated depreciation-Equipment 133,000 (18,000) (36,000) Total assets $: 368,500 Liabilities and Equity Accounts payable Wages payable $57,000 18,600 Income taxes payable. 7,400 83,000 Total current liabilities Notes payable (long term) Total liabilities 78,000 161,000 Equity 178,000 Common stock, $5 par value Retained earnings 29,500 $368,500 Total liabilities and equity For Sales Cost of goods sold Gross profit TE $.362,700 $ 43,000 7,800 5,200 56,000 33,600 89,600 256,000 17,100 $362,700 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 $768,000 339,000 25 of 2
Gross profit Operating expenses (excluding depreciation) 339,000 Depreciation expense 85,000 76,600 Other gains (losses) 177,400 Gain on sale of equipment 3,800 Income before taxes Income taxes expense Het income 181,200 45,690 $135,518 Additional Information. a. A $44,400 note payable is retired at its $44.400 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 $75,600 cash. d. Received cash for the sale of equipment that had cost $66,600, yielding a $3,800 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 Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 Cash flows from operating activities Next > 25 of 25 < Prev
Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities 25 of 25 Next < Prev
Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end