IKIBAN INC. Comparative Balance Sheets

IKIBAN INC. Comparative Balance Sheets June 30, 2013 and 2012
	2013			2012
Assets
Cash	$	100,700		$	59,400
Accounts receivable, net		69,200			51,100
Inventory		66,000			95,900
Prepaid expenses		5,800			4,600
Equipment		127,900			116,000
Accum. depreciationAc€??Equipment		(28,400	)		(10,400	)

Total assets	$	341,200		$	316,600

Liabilities and Equity
Accounts payable	$	26,900		$	32,500
Wages payable		7,600			16,500
Income taxes payable		2,600			3,900
Notes payable (long term)		45,000			74,000
Common stock, $5 par value		234,000			182,000
Retained earnings		25,100			7,700

Total liabilities and equity	$	341,200		$	316,600

IKIBAN INC. Income Statement For Year Ended June 30, 2013
Sales			$	672,000
Cost of goods sold				403,000

Gross profit				269,000
Operating expenses
Depreciation expense	$	57,800
Other expenses		66,500

Total operating expenses				124,300

				144,700
Other gains (losses)
Gain on sale of equipment				2,500

Income before taxes				147,200
Income taxes expense				58,880

Net income			$	88,320

Additional Information

a.	A $29,000 note payable is retired at its $29,000 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 $61,100 cash.
d.	Received cash for the sale of equipment that had cost $49,200, yielding a $2,500 gain.
e.	Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f.	All purchases and sales of merchandise inventory are on credit.

Using the direct method, prepare the statement of cash flows for the year ended June 30, 2013

IKIBAN INC. Comparative Balance Sheets A+ Tutorial use as Guide

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