× \\ North Florida Cornmunt × McGraw-Hill Campus-McGraw Hill Education c × wconn

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× North Florida Cornmunt × McGraw-Hill Campus-McGraw Hill Education c × wconnect.mheducation.com/flow/connect.html Assignmert correct 0 Required information [The following information applies to the questions displayed below] The following financial statements and additional information are reported IKIBAN INC. Conparative Balance Sheets June 36, 2817 and 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment áccum. depreciation-Equipment Total assets 103,900$ 5e,ee9 57,000 95,580 4,009 69,880 252,700 209,100 138,080121,00 130 889) 12,0001 352,700 $318,100 Llabilsties and Equity Accounts payable ages payable Incone taxes payable Total current 1sabilieies Notes payable (long term) Total liabilitles tauity Common stock, 55 par valve Retained earnings S 31,000 6,600 39,000 16, 209 41,600 6e, 200 126, 200 166,000 72,.691580, 2 232,000 Total lLabilities and equity 352,700 5316,100

Explanation / Answer

Workings:

IKIBAN INC. Statement of cash flows (Indirect Method) for the year ended June30, 2017 Cash flow from operating activities Net Income 111510 Adjustments to reconcile net income to net cash provided by operating activities a. Income statement items not afecting cash      Depreciation expense 64600      Gain on sale of equipment -2600 b. Changes in current operating assets and liabilities      Accounts receivable -17000      Inventory 25700      Prepaid expenses 1600      Accounts payable -8000      Wages payable -9600      Income taxes payable -1000 Cash flow from operating activities 165210 Cash flow from investing activities Purchase of new equipment -63600 Sale of old equipment   (Note 1) 10600 Cash flow from investing activities -53000 Cash flow from financing activities Retirement of note payable -30000 Cash dividends paid   (Note 2) -94310 Issue of common stock (Note 3) 66000 Cash flow from financing activities -58310 Net cash flow 53900 Beginning cash balance 50000 Ending cash balance 103900

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