Refer to the information in Exercise 16-11. Using the direct method, prepare the statement of cash flows
Question:
Refer to the information in Exercise 16-11. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017.
Transcribed Image Text:
IKIBAN INC. Comparatlve Balance Sheets June 30, 2017 and 2016 2017 4010_ 87,500 44,000 51,000 86,500 4.400 5.100 186,900 115,000 (27.000) (9,000) 317,700 $292,900 Accounts receivable, net Inventory Prepaid expenses Total current assets 65,000 63,800 124,000 Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained eamings Total liabilities and equity $25,000 30,000 15,000 3,800 48,800 60,000 108,800 6,000 3.400 34.400 30,000 64.400 220,000 160,000 33,30024,100 317,700 $292,900 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $678,000 411,000 267,000 Depreciation expense Other expenses $58,600 67,000 Total operating expenses. 125,600 141,400 Other gains (losses) Gain on sale of equipment Income before taxes. Income taxes expense Net income 2,000 143,400 43,890 99,510
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
Part 1 IKIBAN INC Statement of Cash Flows Direct Method For Year Ended June 30 2017 Cash flows from operating activities Cash received from customers ...View the full answer
Answered By
Ajeet Singh
Professional, Experienced, and Expert tutor who will provide speedy and to-the-point solutions.
I have been teaching students for 5 years now in different subjects and it's truly been one of the most rewarding experiences of my life.
I have also done one-to-one tutoring with 100+ students and help them achieve great subject knowledge.
I have expertise in computer subjects like C++, C, Java, and Python programming and other computer Science related fields.
Many of my student's parents message me that your lessons improved their children's grades and this is the best only thing you want as a teacher. I have done plenty of studying and lots of learning on many exciting and challenging topics. All these experiences have influenced my decision to take on the teaching role in various capacities. As a tutor, I am looking forward to getting to understand your needs and helping you achieve your academic goals. I'm highly flexible and contactable. I am available to work on short notice since I only prefer to work with very small and select groups of students.
4.90+
7+ Reviews
15+ Question Solved
Related Book For
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
Question Posted:
Students also viewed these Cost Accounting questions
-
Refer to the information in Exercise 17-16. In Exercise 17-16. *Degree of completion: direct materials, 100%; conversion costs, 70%. Degree of completion: direct materials, 100%; conversion costs,...
-
Refer to the information in Exercise 17-16. Suppose Bio Doc determines standard costs of $6.60 per equivalent unit for direct materials and $10.40 per equivalent unit for conversion costs for both...
-
Refer to the information in Exercise 12-11. Using the direct method, prepare the statement of cash flows for the year ended June 30, 2016. The following financial statements and additional...
-
What are the special features of (a) cross-section data, (b) time series data, and (c) panel data?
-
Journalize the following transactions in a general journal: Jan. 3 Purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30. 12 Purchased merchandise from Miranda,...
-
Following are typical questions that might appear on an internal control questionnaire for investments in marketable securities. 1. Is custody of investment securities maintained by an employee who...
-
a. Solve the IVP. b. Confirm the result of (a) in MATLAB. \(\ddot{x}+3 \dot{x}+2 x=\sin \left(\frac{2}{3} t ight), x(0)=0, \dot{x}(0)=3\)
-
On December 31, 2005, Merlin Company had outstanding 400,000 shares of common stock and 40,000 shares of 8% cumulative preferred stock (par $10). On February 28, 2006, Merlin issued an additional...
-
Locate some peer reviewed sources that argues marketing has no impact on business growth? The sources must be within the last five years.
-
1. How many times has the company been sold? When and by whom to whom? 2. What mistakes did Beatrice Foods make after purchasing Krispy Kreme? Why wasnt Krispy Kreme a good fit for Beatrice? 3. What...
-
The following financial statements and additional information are reported. Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b....
-
Use the following information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2017. Use a note disclosure for any...
-
What role do you envisage for ICT in the management of performance? Are there any associated risks?
-
Write all the MATLAB command and show the results from the MATLAB program Note: Turn the grid on, label axes and put a title for each plot. 1- Use values for t from 0 to 100 step of 0.5 2- Plot Y=x2...
-
Solve in Java or C++
-
NewBank started its first day of operations with $208 million in capital. A total of $211 million in checkable deposits is received. The bank makes a $24 million commercial loan and another $27...
-
An investment of $10,000 can be made in a project that will produce five (5) uniform annual revenues and a market value (salvage) value of $2,000. The company is willing to accept any project that...
-
Gunnison Creamery produces a variety of specialty ice creams and buys ingredients from many suppliers. Each supplier seems to have unique policies about discounts and freight terms. Gunnison Creamery...
-
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the...
-
In your audit of Garza Company, you find that a physical inventory on December 31, 2012, showed merchandise with a cost of $441,000 was on hand at that date. You also discover the following items...
-
Flagstaff Systems issues bonds dated January 1, 2016, that pay interest semiannually on June 30 and December 31. The bonds have a $90,000 par value and an annual contract rate of 12%, and they mature...
-
Refer to the bond details in Problem 10-5B. Gomez issues $240,000 of 6%, 15-year bonds dated January 1, 2016, that pay interest semiannually on June 30 and December 31. They are issued at $198,494,...
-
Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a...
-
2) What is the rate of return in the following cash flow? -4816 +1000 +2000 +3000
-
3. Assume that the manufacturing of generic medicine XYZ is a perfectly competitive industry. Suppose that the annual demand for this medicine is given by: Q = 1,450 - 30P. There are exactly a...
-
Suppose that a consumer's utility is given by 1 MU = y 4x - 3 1 ' - 3 3y respectively. 1 2 - - u(x,y) = 2x 3 y " 3 in which case the marginal utilities will be given by MU = 23 2y and x 2 3x 3...
Study smarter with the SolutionInn App