IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 20.docx

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IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets 96,700 92,000 81,800 6,200 276,700 Cash 62,000 69,000 113,500 9,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment 253,500 133,000 (18,000) $368,500 142,000 (36,000) $382,700 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) 43,000 7,800 5,200 56,000 48,000 104,000 57,000 18,600 7,400 83,000 78,000 Total liabilities 161,000 Equity Common stock, $5 par value Retained earnings 256,000 22,700 $382,700 178,000 29,500 Total liabilities and equity $368,500 IKIBAN INC. Income Statement For Year Ended June 30,, 2017 $768,000 429,000 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense 339,000 $76,600 85,000 Other expenses Total operating expenses 161,600 177,400 Other gains (losses ) Gain on sale of equipment 3,800 181,200 45,690 Income before taxes Income taxes expense $135,510 Net income Additional Information a. A $30,000 note payable is retired at its
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Unformatted text preview: $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 $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 Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2017 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities 0 Cash flows from investing activities 0 Cash flows from financing activities 0 Net increase (decrease) in cash 0 Cash balance at prior year-end Cash balance at current year-end 0 (2) Compute the company's cash flow on total assets ratio for its fiscal year 2017 Cash Flow on Total Assets Ratio IChoose Denominator: Choose Numerator: Cash Flow on Total Assets Ratio Cash flow on total assets ratio...
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