Homework Answers
| IKIBAN INC | |||
| Statement of Cash flows | |||
| For the Year Ended June 30, 2017 | |||
| Cash flows from operating activities | |||
| Net Income | $ 101,510 | ||
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Income statements items not affecting cash | |||
| Depreciation expense | $ 59,600 | ||
| Gain on sale of equipment | $ (2,100) | ||
| Change in current operating assets and liabilities | |||
| Increase in accounts receivable | $ (14,500) | ||
| Decrease in inventory | $ 23,200 | ||
| Decrease in prepaid expense | $ 1,100 | ||
| Decrease in accounts payable | $ (5,500) | ||
| Decrease in wages payable | $ (9,100) | ||
| Decrease in income tax payable | $ (500) | ||
| Net cash provided by operating activities | $ 153,710 | ||
| Cash flows from investing activities | |||
| Cash paid for purchase of equipment | $ (58,600) | ||
| Cash received from sale of equipment | $ 10,100 | 49600-(9500+59600-27500)+2100 | |
| Net cash used by investing activities | $ (48,500) | ||
| Cash flows from financing activities | |||
| Cash paid for dividends | $ (74,310) | 51600-24400-101510 | |
| Cash paid for retire note | $ (30,000) | ||
| Cash received from issuance of common stock | $ 61,000 | ||
| Net cash used by financing activities | $ (43,310) | ||
| Net Increase in cash and cash equivalents | $ 61,900 | ||
| Cash and cash equivalents at beginning of period | $ 45,000 | ||
| Cash and cash equivalents at end of period | $ 106,900 | ||
| Cash flow on total assets ratio = Cash flow from operating activities / Average total assets |
| Cash flow on total assets ratio = $153,710 / (($340,200+297,100)/2) |
| Cash flow on total assets ratio = 48.23788% |
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We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at its $30,000 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 $63,600 cash. d. Received cash for the sale of equipment that had cost $54,600. yielding a $2,600 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases...
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 $ 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. 6 IKIBAN INC. Comparative Balance Sheets June...
The following financial statements and additional information are reported. 6 IKIBAN INC. Comparative Balance Sheets June 30, 20 18 and 2017 2018 2017 Assets $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 16.7 points Equipment Accum. depreciation-Equipment еВook Print $317,700 $292,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities References...
Exercise 12-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following financial...
Exercise 12-11 Indirect: Preparing statement of cash flows LO
P1, P2, P3, A1
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
104,500
$
49,000
Accounts receivable, net
72,500
56,000
Inventory
68,800
94,000
Prepaid expenses
4,900
6,400
Total current assets
250,700
205,400
Equipment
129,000
120,000
Accum. depreciation—Equipment
(29,500
)
(11,500
)
Total assets
$
350,200
$
313,900
Liabilities and Equity
Accounts payable
$
30,000
$...
The following financial statements and additional information are reported. 2017 IKIBAN INC. Comparative Balance Sheets June...
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...
1)2) 3) Required information The following information applies to the questions displayed below. The following financial...
1)2)
3)
Required information The following information applies to the questions displayed below. 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 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and...
Use the following information for the Exercises below [The following information applies to the questions displayed...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets 96,700 92,000 81,800...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets 96,700 92,000 81,800 6,200 276,700 Cash 62,000 69,000 113,500 9,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment 253,500 133,000 (18,000) $368,500 142,000 (36,000) $382,700 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) 43,000 7,800 5,200 56,000 48,000 104,000 57,000 18,600 7,400 83,000 78,000 Total liabilities 161,000 Equity Common stock, $5 par...
i need help Required information The following information applies to the questions displayed below.] The following...
i need help
Required information The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2016 IKIBAN INC! Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $105,100 Accounts receivable, net 71,000 Inventory 67,800 Prepaid expenses 4,800 Total current assets 248,700 Equipment 128,000 Accum. depreciation-Equipment (29,000) Total assets $347,700 Liabilities and Equity Accounts payable $ 29,000 Wages payable 6,400 Income taxes payable 3,800 Total current liabilities 39,200 Notes payable (long...
Help me with the cash flow statement using the indirect method please. 2016 IKIBAN INC. Comparative...
Help me with the cash flow statement using the indirect method
please.
2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 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...
We were unable to transcribe this imageAdditional Information a. A $30,000 note payable is retired at its $30,000 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 $63,600 cash. d. Received cash for the sale of equipment that had cost $54,600. yielding a $2,600 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement f. All purchases...
The following financial statements and additional information are reported. 6 IKIBAN INC. Comparative Balance Sheets June 30, 20 18 and 2017 2018 2017 Assets $ 44,000 51,000 86,500 5,400 186,900 115,000 (9,000) 87,500 65,000 63,800 4,400 220,700 124,000 (27,000) Cash Accounts receivable, net Inventory Prepaid expenses Total current assets 16.7 points Equipment Accum. depreciation-Equipment еВook Print $317,700 $292,900 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total liabilities References...
Exercise 12-11 Indirect: Preparing statement of cash flows LO
P1, P2, P3, A1
The following financial statements and additional information
are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
104,500
$
49,000
Accounts receivable, net
72,500
56,000
Inventory
68,800
94,000
Prepaid expenses
4,900
6,400
Total current assets
250,700
205,400
Equipment
129,000
120,000
Accum. depreciation—Equipment
(29,500
)
(11,500
)
Total assets
$
350,200
$
313,900
Liabilities and Equity
Accounts payable
$
30,000
$...
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...
1)2)
3)
Required information The following information applies to the questions displayed below. 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 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and...
Use the following information for the Exercises below [The following information applies to the questions displayed below.] The following financial statements and additional information are reported IKIBAN INC Comparative Balance Sheets June 30, 2018 and 2017 2018 2017 Assets $ 87,500 44,000 51,000 86,500 5,400 186,900 115,000 as Accounts receivable, net Inventory 65,000 63,800 4,400 220,700 124,000 (27,000) Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets (9,000) $317,700 292,900 Liabilities and Equity Accounts payable $ 25,000 6,000 3,400...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets 96,700 92,000 81,800 6,200 276,700 Cash 62,000 69,000 113,500 9,000 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment 253,500 133,000 (18,000) $368,500 142,000 (36,000) $382,700 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) 43,000 7,800 5,200 56,000 48,000 104,000 57,000 18,600 7,400 83,000 78,000 Total liabilities 161,000 Equity Common stock, $5 par...
i need help
Required information The following information applies to the questions displayed below.] The following financial statements and additional information are reported. 2016 IKIBAN INC! Comparative Balance Sheets June 30, 2017 and 2016 2017 Assets Cash $105,100 Accounts receivable, net 71,000 Inventory 67,800 Prepaid expenses 4,800 Total current assets 248,700 Equipment 128,000 Accum. depreciation-Equipment (29,000) Total assets $347,700 Liabilities and Equity Accounts payable $ 29,000 Wages payable 6,400 Income taxes payable 3,800 Total current liabilities 39,200 Notes payable (long...
Help me with the cash flow statement using the indirect method
please.
2016 IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 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...
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