Cash received from customers = Beginning accounts receivable +
Sales - Ending accounts receivable
Cash received from customers = $58,000 + $713,000 - $75,500
Cash received from customers = $695,500
Inventory purchased = Ending inventory + Cost of goods sold -
Beginning inventory
Inventory purchased = $70,800 + $418,000 - $97,000
Inventory purchased = $391,800
Cash paid to suppliers = Beginning accounts payable + Inventory
purchased - Ending accounts payable
Cash paid to suppliers = $40,500 + $391,800 - $32,000
Cash paid to suppliers = $400,300
Cash paid for operating expenses = Other operating expenses +
Beginning wages payable - Ending wages payable + Ending prepaid
expenses - Beginning prepaid expenses
Cash paid for operating expenses = $74,000 + $16,400 - $6,700 +
$5,100 - $6,800
Cash paid for operating expenses = $82,000
Cash paid for income tax = Beginning income taxes payable +
Income taxes expense - Ending income taxes payable
Cash paid for income tax = $5,200 + $44,590 - $4,100
Cash paid for income tax = $45,690
Depreciation on equipment sold = Beginning accumulated
depreciation + Depreciation expense - Ending accumulated
depreciation
Depreciation on equipment sold = $12,500 + $65,600 - $30,500
Depreciation on equipment sold = $47,600
Proceed from sale of equipment = Cost of equipment sold -
Depreciation on equipment sold + Gain on equipment sold
Proceed from sale of equipment = $55,600 - $47,600 + $2,700
Proceed from sale of equipment = $10,700
Dividend = Beginning retained earnings + Net income - Ending
retained earnings
Dividend = $26,200 + $113,510 - $27,000
Dividend = $112,710
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30,...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 75,500 95,000 83,800 6,400 260,700 144,000 (37,000) $367,700 $ 64,000 71,000 116,500 9,400 260,900 135,000 (19,000) $376,900 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 74,900 $ 65,000 Accounts receivable, net 96,500 72,000 Inventory 84,800 118,000 Prepaid expenses 6,500 9,600 Total current assets 262,700 264,600 Equipment 145,000 136,000 Accum. depreciation—Equipment (37,500 ) (19,500 ) Total assets $ 370,200 $ 381,100 Liabilities and Equity Accounts payable $ 46,000 $ 61,500 Wages payable 8,100 19,200 Income taxes payable 5,500 8,000 Total current liabilities...
The following financial statements and additional information are reported IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 73,700 99,500 86,800 6,700 266, 700 147.000 (38,500) $375,200 $ 67,000 74,000 121,000 10,000 272,000 138,000 (20.500) $389,500 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 106,300 68,000 65,800 4,600 244,700 126,000 (28,000) $342,700 $ 46,000 53,000 89,500 5,800 194,300 117,000 (10,000) $301,300 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 102,100 $ 53,000 Accounts receivable, net 78,500 60,000 Inventory 72,800 100,000 Prepaid expenses 5,300 7,200 Total current assets 258,700 220,200 Equipment 133,000 124,000 Accum. depreciation—Equipment (31,500 ) (13,500 ) Total assets $ 360,200 $ 330,700 Liabilities and Equity Accounts payable $ 34,000 $ 43,500 Wages payable 6,900 16,800 Income taxes payable 4,300 5,600 Total current liabilities...
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 84,500 Accounts receivable, net 72,500 Inventory 68,800 Prepaid expenses 4,900 Total current assets 230, 700 Equipment 129,000 Accum. depreciation-Equipment (29,500) Total assets $330, 200 Liabilities and Equity Accounts payable $ 30,000 Wages payable 6,500 Income taxes payable 3,900 Total current liabilities 40, 400 Notes payable (long term) 31,000 Total liabilities 71,400 Equity Common stock, $5 par...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 73,700 99,500 86,800 6,700 266,709 147,000 (38,500) $375,200 $ 67,000 74,000 121,000 10,000 272,000 138,000 (20,500 $389,500 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. 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...
The following financial statements and additional information are reported. 2015 IKIBAN INC. Comparative Balance Sheets June 30, 2016 and 2015 2016 Assets Cash $ 116,500 Accounts receivable, net 69,600 Inventory 66,500 Prepaid expenses 6,100 Total current assets $ 258,700 Equipment 126,900 Accum. depreciation-Equipment (28,900) Total assets $ 356.700 Liabilities and Equity Accounts payable $ 26,100 Wages payable 7.400 Income taxes payable 2.500 Total current liabilities $ 36,000 Notes payable (long term) 57,000 Total liabilities $ 93,000 Equity Common stock, $5...
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 106,900 $ 45,000 Accounts receivable, net 66,500 52,000 Inventory 64,800 88,000 Prepaid expenses 4,500 5,600 Total current assets 242,700 190,600 Equipment 125,000 116,000 Accum. depreciation—Equipment (27,500 ) (9,500 ) Total assets $ 340,200 $ 297,100 Liabilities and Equity Accounts payable $ 26,000 $ 31,500 Wages payable 6,100 15,200 Income taxes payable 3,500 4,000 Total current liabilities...
The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 77,900 Accounts receivable, net 89,000 Inventory 79,800 Prepaid expenses 6,000 Total current assets 252,700 Equipment 140,000 Accum. depreciation-Equipment (35,000) Total assets $357,700 Liabilities and Equity Accounts payable $ 41,000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53,600 Notes payable (long term) 33,200 Total liabilities 86,800 Equity Common stock, $5 par value 252,000 Retained...