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 $ 99,100 86,000 77,800 5,800 268,700 138,000 58,000 65,000 107,500 8,200 238,700 129,000 (34,000) (16,000) $372,700 351,700 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 earningS $ 39,000 51,000 17,800 4,8006,600 75,400 44,00074,000 149,400 7,400 51,200 95,200 248,000 174,000 28,300 $372,700 351,700 29,500 Total liabilities and equity IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $748,000 425,000 323,000 $72,600 81,000 Depreciation expense Other expenses Total operating expenses 153,600 169,400 Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 3.400 172, 800 45,290 $127,510