\'ll google-Yahoo Search e The Following Financial tps:/ nt education.com/flow/c

Question

'll google-Yahoo Search e The Following Financial tps:/ nt education.com/flow/connect.html?isRegetrue&returr; Url: https%3A%2F%2Fconnectn h education Check my work mode : This shows what is correct or incorrect for the work you have com exercise 12-1 Indirect: Preparing statement ot cash tlows LO PT, PL, PS, 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 38, 2017 and 2816 2017 2016 Assets $ 95, 5e8 64,e0e 71,000 83,800 116, see 9.480 260,900 144,000 135,0e0 Cash 95,ee0 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable 6,400 280, 700 37,000) _119.aaa) $387,790 $376.900 $ 45,000 60,000 19,000 7,800 86,880 56,e0080,000 108,400166, 800 Income taxes payable Total current liabilities 5,400 S8,400 Notes payable (long term) Total liabilities Equity Conmon stock, $5 par value Retained earnings Total liabilities and equity 260,000 1B0,eee 19,34030,180 5387,780$376,980 IKIBAN Ihcome Statomont se, 2017 Sales Cost of goods sold $778,e00 1.000 Prey lor 11 Next

Explanation / Answer

Cash Flow Statement operating Profit         1,85,400 Income from Operating Activities +Depreciation           78,600 -Payment of Tax          -48,290 -Payment of Dividend       -1,50,310 -Gain on sale of Asset            -4,000 -Increasein A/R          -24,000 +Decrease in inventory           32,700 +decrease in Prepaid Exp             3,000 -Decrease fo A/P          -15,000 -Decrease in wages payable          -11,000       -1,38,300 Cash from Operating Activities            47,100 Cash from Investing Activities -Purchase of Equipment          -77,600 + sale of Equipment           12,000          -65,600 Cash from Financing Activities -Repayment of Long term notes          -30,000 +Issue of Shares           80,000            50,000 Cash from the operation            31,500 Add: Opening Cash Balance            64,000 Closing Cash Balance            95,500 Calculation of Equipment Purchase Beg bal        1,35,000 Add: Purchase           77,600 Less: Sales          -68,600 Closing Balance        1,44,000 Calculation of Accumulated Depn Beg bal           19,000 During the year           78,600 Less: Closing Balance          -37,000 Depn of sold assets           60,600 Sales Value of Equipment Purchase price           68,600 Less: Accu. Depn          -60,600 Book Value             8,000 Less: sales Value          -12,000 Gain on sale             4,000 Payment of Tax Beg. Balance 7,800 Add; Prov. During The year 45,890 Less: Closing Balance -5,400 Tax Paid during the year 48,290 Calculation of Dividend paid Beg. Balance 30,100 Add: Net Incomce 1,39,510 Less: Closing Blaance -19,300 Dividend Paid 1,50,310

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