The following financial statements and additional information
are reported.
IKIBAN INC. |
||||||||
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 |
35,600 |
50,700 |
||||||
Notes payable (long term) |
31,000 |
61,000 |
||||||
Total liabilities |
66,600 |
111,700 |
||||||
Equity |
||||||||
Common stock, $5 par value |
222,000 |
161,000 |
||||||
Retained earnings |
51,600 |
24,400 |
||||||
Total liabilities and equity |
$ |
340,200 |
$ |
297,100 |
||||
IKIBAN INC. |
||||||
Sales |
$ |
683,000 |
||||
Cost of goods sold |
412,000 |
|||||
Gross profit |
271,000 |
|||||
Operating expenses |
||||||
Depreciation expense |
$ |
59,600 |
||||
Other expenses |
68,000 |
|||||
Total operating expenses |
127,600 |
|||||
143,400 |
||||||
Other gains (losses) |
||||||
Gain on sale of equipment |
2,100 |
|||||
Income before taxes |
145,500 |
|||||
Income taxes expense |
43,990 |
|||||
Net income |
$ |
101,510 |
||||
Additional Information
Required:
(1) Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect method.
(2) Compute the company's cash flow on total assets ratio for its fiscal year 2017.
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, 2017 and 2016 2017 2016 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 F- Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity $ 87,500 65,000 63.800 4,400 220,700 124,000 (27,000) $ 44,000 51,000...
The following financial statements and additional information are reported. IKIBAN INC Comparative Balance Sheets June 30, 2e17 and 2816 2e17 2016 Assets Cash Accounts receivable, net Inventory Propaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets s 66,e0e 73,000 119,see 9,800 268,308 137,000 (20,000) $385,308 $ 94,300 98,808 85,800 6,600 284,708 146,808 (38,000) $392,788 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long tere) $ 47,808 8,200 5,608 60,800 52,000 112,800 $63,000...
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 $ 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. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $ 83,300 75,500 70, 800 5, 100 234, 700 131,000 (30, 500) $335, 200 $ 51,000 58,000 97,000 6, 800 212,800 122,000 (12,500) $322, 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...
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 $ 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. 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. 2017 IKIBAN INC. Comparative Balance Sheets June 30, 2018 and 2017 2018 Assets Cash $ 87,500 Accounts receivable, net 65,000 Inventory 63,800 Prepaid expenses 4,400 Total current assets 220,700 Equipment 124,000 Accum. depreciation-Equipment (27,000) Total assets $317,700 Liabilities and Equity Accounts payable $ 25,000 Wages payable 6,000 Income taxes payable 3,400 Total current liabilities 34,400 Notes payable (long term) 30,000 Total liabilities 64,400 Equity Common stock, $5 par value 220,000 Retained...