Exercise 12

Exercise 12 - $ 87,500 $ 44,000 Accounts receivable (net)...

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Exercise 12-10: Preparation of statement of cash flows (indirect) L.O. C2, A2, P1, P2, P3
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Use the financial statements and additional information shown to: IKIBAN INC. Income Statement For Year Ended June 30, 2008 Sales $ 678,000 Cost of goods sold 411,000 Gross profit 267,000 Operating expenses Depreciation expense $ 58,600 Other expenses 67,000 Total operating expenses 125,600 141,400 Other gains (losses) Gain on sale of equipment 2,000 Income before taxes 143,400 Income taxes expense 43,890 Net income $ 99,510 IKIBAN INC. Comparative Balance Sheets June 30, 2008 2008 2007 Assets Cash
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Unformatted text preview: $ 87,500 $ 44,000 Accounts receivable (net) 65,000 51,000 Inventory 63,800 86,500 Prepaid expenses 4,400 5,400 Equipment 124,000 115,000 Accum. depreciationEquip ( 27,000 ) ( 9,000 ) Total assets $ 317,700 $ 292,900 Liabilities and Equity Accounts payable $ 25,000 $ 30,000 Wages payable 6,000 15,000 Income taxes payable 3,400 3,800 Notes payable (long term) 30,000 60,000 Common stock, $5 par value 220,000 160,000 Retained earnings 33,300 24,100 Total liabilities and equity $ 317,700 $ 292,900 Additional Information...
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Exercise 12 - $ 87,500 $ 44,000 Accounts receivable (net)...

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