(1: $ DE C all C Th S DE A Mc|JS Se - Sh f Kil Kil & M |K BC|K T |K Kil |K PE |K Vi K T |K W K TH |K LO H H| CC M X NE + C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmg... " * GGIG CH 16 HW i Saved Help Save & Exit Submit Check my work 8 IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 2020 Assets Cash $ 87, 500 $ 44, 000 10 Accounts receivable, net 65 , 000 51, 000 points Inventory 63, 800 36, 500 Prepaid expenses 4, 400 5 , 400 Total current assets 220, 700 186, 900 eBook Equipment 124, 000 115 , 000 Accumulated depreciation-Equipment (27, 000 (9, 000) Hint Total assets $ 317, 700 $ 292, 900 Liabilities and Equity Print Accounts payable $ 25, 000 $ 30, 000 Wages payable 6,000 15, 000 References Income taxes payable 3, 400 3, 800 Total current liabilities 34, 400 18, 800 Notes payable (long term) 30, 000 60, 000 Total liabilities 64 , 400 108 , 800 Equity Common stock, $5 par value 220, 000 160, 000 Retained earnings 33 , 300 24 , 100 Total liabilities and equity $ 317, 700 $ 292, 900 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales $ 678, 000 Cost of goods sold 411, 000 Gross profit 267, 000 Operating expenses (excluding depreciation) 67, 000 Depreciation expense 58 , 600 141, 400 Other gains (losses) sale of 2, 000 Income before taxes 143, 400 Income taxes expense 43, 890 Net income $ 99, 510 Mc Graw Hill(1: $ DE C all C Th S DE A Mc|JS Se - Sh f Kil Kil & M |K BC |K T |K Kil |K PE |K Vi K T |K W K TH |K LO H H| CC M X 5NE + C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmg... 4 x GGIG CH 16 HW i Saved Help Save & Exit Submit Check my work 8 Additional Information a. A $30,000 notes payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. 10 c. New equipment is acquired for $57,600 cash. points d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. eBook Hint Print Required: References (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. (Amounts to be deducted should be indicated with a minus sign.) IKIBAN, INCORPORATED Statement of Cash Flows (Indirect Method) For Year Ended June 30, 2021 Cash flows from operating activities Net income 147,510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash 46,290 82,600 (4,400 Changes in current operating assets and liabilities 272,000 Mc Graw Hill(1: $ DE C all C Th S DE A Mc |JS Se - Sh f (1) Kil |& M |K BC |K T |K Kil K PE |K Vi K T|K W K TH |K LO H H:| CC M X 5NE + C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmg... 4 x GGENIE CH 16 HW i Saved Help Save & Exit Submit Check my work 8 Required information 82,6001 (4,400) 10 points Changes in current operating assets and liabilities 272,000 eBook Hint Print References $ 544,000 Cash flows from investing activities 0 Cash flows from financing activities issu Cash received from stock issuance Net increase (decrease) in cash $ 544,000 Cash balance at prior year-end Cash balance at current year-end $ 644,000 Mc Graw Hill