Saved The following financial statements and additional information are reported

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Saved The following financial statements and additional information are reported. IKIBAN INC. 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 $102,100 53,000 60,000 78,500 72,800 5, 300 100,000 258,700 0 -31 500) 13,500) 7,200 220,200 133,000124,000 $360,200 $330,700 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current 1iabilities Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 34,000 43,500 16,800 5,600 65,900 69,000 134,900 6,900 4,300 45,200 39,000 84,200 238,000 169,000 38,000 26,800 $360,200 $330,700 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses $723,000 420,000 303,000 Prev 1 of 1 Next .

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IKIBAN INC Cash Flow Statement   For the year ended June 30, 2017 Cash flows from operating activities Net Income $ 117,510 Adjustment to reconcile net income to: Income statement items not affecting cash Depreciation expense $      67,600 Gain on sale of equipment $      (2,900) Change in current operating assets and liabilities Increase in accounts receivable $   (18,500) $60,000-$78,500 Decrease in inventory $      27,200 $100,000-$72,800 Decrease in prepaid expenses $        1,900 $7,200-$5,300 Decrease in accounts payable $      (9,500) $34,000-$43,500 Decrease in wages payable $      (9,900) $6,900-$16,800 Decrease in income tax payable $      (1,300) $4,300-$5,600 $    54,600 Net cash flow from operating activities $ 172,110 Cash flows from investing activities Cash paid for Purchase of equipment $   (66,600) Cash received from sale of equipment $      10,900 WN 1 Net cash used for investing activities $ (55,700) Cash flows from financing activities Cash received from stock issuance $      69,000 $238,000-$169,000 Cash paid to retire note   $   (30,000) Cash paid for dividend $ (106,310) WN 2 Net cash flow used by financing activities $ (67,310) Net increase in cash and cash equivalents $    49,100 Cash and cash equivalents at beginning of period $    53,000 Cash and cash equivalents at end of period $ 102,100

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