The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED...

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The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio The following financial statements and additional information are reported. At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets 2021 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accumulated 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 earnings Total liabilities and equity $ 97,300 90,500 80,800 6,100 274,700 141,000 (35,500) $ 380,200 $ 42,000 7,700 5,100 54,800 47,000 101,800 254,000 24,400 $ 380,200 2020 $ 61,000 68,000 112,000 8,800 249,800 132,000 (17,500) $364,300 $ 55,500 18,400 7,200 81,100 77,000 158,100 177,000 29,200 $364,300 IKIBAN INCORPORATED Income Statement For Year Ended June 30, 2021 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income Additional Information $ 763,000 428,000 335,000 84,000 75,600 175,400 3,700 179,100 45,590 $ 133,510 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. c. New equipment is acquired for $74,600 cash. d. Received cash for the sale of equipment that had cost $65,600, yielding a $3,700 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. (1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Total Assets Ratio Choose Denominator: Choose Numerator: 1 1 Cash Flow on Total Assets Ratio Cash flow on total assets ratio

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Solution IKIBAN INC Statement of Cash Flows For the Year ended June 30th 2021 A Cash Flows from Oper... View the full answer