Question

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 value 230,000 Retained earnings 28,800 Total liabilities and equity $330,200 $ 49,000 56,000 94,000 6,400 205,400 120,000 (11,500) $313,900 nces $ 37,500 16,000 4,800 58,300 65,000 123,300 165,000 25,600 $313,900 IKIBAN INC. Income Statement For Year Ended June 30, 2019 < Prey 2 of 2 !!! Next >

Answer 1

IKIBAN, INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2019 Cash Flow From Operating Activities Cash Received from Customers 686500 Cash Paid for inventory -398300 Cash Paid for Income taxes -45290 Cash Paid for Operating Expenses -80000 Net Cash provided by Operating Activities 162910 Cash Flow From Investing Activities Purchase of Property Plant and Equipment Cash received form sale of equipment Cash Paid for Equipemnt Purchase Net Cash Provided by Investing Activities -62600 56100 -45600 -52100 -106310 65000 -34000 Cash Flows From Financing Activities Cash Paid for Dividiends Cash received from Stock Issuance Cash Paid for notes Payable Net Cash used in Financing Activities Net Increase (Decrease) in cash Cash Balance at prior year end Cash Balance At current year end -75310 35500 49000 84500 Working Notes: 1) Cash Received from customers Sales Add: Opening Balance Less: Closing Balance Net received in cash 703000 56000 -72500 686500 2) Cash Paid for inventory Inventory purchased Add: Opening Balance Less: Closing Balance Net Payment 390800 37500 -30000 398300 3) Inventory Purchased Cost of Goods Sold Add: Closing Inventory Less: Opening Inventory Inventory Purchased 416000 68800 -94000 390800 4) Operating Expenses paid Operating Expenses Add: Closing Prepaid Less: opening Prepaid Add: Opening Wage Payable Less: Closing Wage Payable Expenses Paid 72000 4900 -6400 16000 -6500 80000 5) Income tax Paid Tax Expenses Add: Opening Payable Less: Closing Payable Net Tax Paid 44390 4800 -3900 45290 6) Opening Equipment Add Purchase Less: Sold closing 120000 62600 -53600 129000 7) Dividend Paid Net Income Add: Opening Retained Earnign Less: Closing Retained Earning Cash Paid 109510 25600 -28800 106310 8) Common Stock Issued Closing Stock Less: Opening Stock Cash Received 230000 -165000 65000 9) Accumulated Depreciation Depreciation Expenses Add: Opening Less: Closing Cash Paid for Equipment Purchase 63600 11500 -29500 45600