Required information Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 [The following information applies to the questions displayed below. The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash 93,700 67,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Nages payable 99,500 86,800121,000 6,700 74,000 286,700 272,000 47,000 138,000 20,500 $395,200 $389,500 (38,500) 48,000 $64,500 19,600 8,400 6200092,500 8,300 5, 700 Incone taxes payable Total current liabilities Notes payable (long term Total liabilities 53 00083,000 115,000175,500 Equity Common stock, $5 par value Retained earnings Total liabilities and equity 183,000 14,20031,000 $395,200 $389,500 266,000 IKI BAN Inc. Income Stat Year Ended June 30, 2017 enent Sales Cost of goods sold Gross profit Operating expenses $793,000 434,000 359,000 81,600 -90,000 Depreciation expense Other expenses Total operating expenses 171,600 187.400 Other gains (losses) 4.300 191,700 Gain on sale of equipment Income before taxes Income taxes expense Net income $145,510