The folliowing information applies to the questions displayed below) The tollowi

Question

The folliowing information applies to the questions displayed below) The tollowing financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash $108,300 $64,400 Accounts recelvable, 69,000 52,000 nventory66,200 96,20o Prepaid 4,900 6,100 expenses Tota current 248,00 218,700 assets Equipment 125,300 15,000 Accum. depreciation 28,300) 0,400) Equ pment Total assets $345,400 $323,300 Lisbilities and Equity Accounts s 26,500$ 32.200 payable S Wages payable Income 7,300 16,300 taxes 2,900 3,500 payable Total current llabilities Notes 36,700 52,000 payable 54,000 75,000 llong term) Total 90,700 127000 lla bilties Equity Comman stock, $5 230000 188,000 par value

Explanation / Answer

Ikiban Statement of Cash Flows (Indiect Method) For Year ended June 30 2015 Cash Flow From Operating Activities Net Income 87180 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 58200 Gain on sale of plant assets -2300 Changes in current operating assets and liabilities Increase in accounts receivable -17000 Decrease in inventory 30000 Decrease in prepaid expenses 1200 Decrease in accounts payable -5700 Decrease in wages payable -9000 Decrease in income taxes payable -600 Net cash provided by operating activities 141980 Cash flows from investing activities Cash received from sale of equipment 11200 Cash paid for equipment -59500 -48300 Net cash used in investing activities Cash flows from financing activities Cash received from stock issuance 42000 Cash paid to retire notes -21000 Cash paid for dividends -158580 -137580 Net cash used in financing activities Net increase (decrease) in cash -43900 Cash balance at prior year-end 64400 Cash balance at current year-end 108300

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