IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Ca

Question

IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets $ 93,700 67,000 74,000 121,000 10,000 272,000 138,000 (38,500 (20,5ee $395,200 $389,500 99,500 86,800 6,700 286,700 147,000 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total 1iabilities Equity Common stock, $5 par value Retained earnings $ 48,000 8,300 5,700 62,000 53,000 115,000 64,500 19,600 8,400 92,500 83,900 175,500 183,000 31,000 $395,200 389,500 266,000 4, 200 Total liabilities and equity

Explanation / Answer

Cash flow statement: Cash flows from Operating activities: Net income for t he periiod 145510 Adjustment required Depreciation 81600 Gain on sale fo investment -4300 Increase in Accounts receivable -25500 Decrease in Inventory 34200 Decrease in Prepaid expense 3300 Decrease in Accounts payable -16500 Decrease in Wages payable -11300 Decrease in Income tax ppayable -2700 Net cahs provided from operating activities 204310.00 Cash flows from Investing activities: Sale of equipment 12300 (71600-63600+4300) Purchase of equipment -80600 Net cash used in Investing activities -68300 Cash flows from Financing activities: Repayment of Notes payable -30000 issue of Commn Stock 83000 Dividend paid (31000+145510-14200) -162310 Net cash used in financing activities -109310 Net increase in cash 26700 Beginning Balance in cash 67000 Ending balance in cash 93700

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