Homework Answers
1.
| IKIBAN INC | |||
| Statement of Cash flows | |||
| For the Year Ended June 30, 2017 | |||
| Cash flows from operating activities | |||
| Net Income | $ 111,510 | ||
| Adjustments to reconcile net income to ; | |||
| Depreciation expense | $ 64,600 | ||
| Gain on sale of equipment | $ (2,600) | ||
| Changes in current operating assets and liabilities | |||
| Increase in accounts receivable | $ (17,000) | ||
| Decrease in inventory | $ 25,700 | ||
| Decrease in prepaid expense | $ 1,600 | ||
| Decrease in accounts payable | $ (8,000) | ||
| Decrease in wages payable | $ (9,600) | ||
| Decrease in income tax payable | $ (1,000) | ||
| $ 53,700 | |||
| Net cash provided by operating activities | $ 165,210 | ||
| Cash flows from investing activities | |||
| Cash paid for purchase of equipment | $ (63,600) | ||
| Cash received from sale of equipment | $ 10,600 | 54600-(12000-30000+64600)+2600 | |
| Net cash used by investing activities | $ (53,000) | ||
| Cash flows from financing activities | |||
| Cash paid for dividends | $ (94,310) | 43100-25900-111510 | |
| Cash paid for retire note | $ (30,000) | ||
| Cash received from issuance of common stock | $ 66,000 | ||
| Net cash used by financing activities | $ (58,310) | ||
| Net Increase in cash and cash equivalents | $ 53,900 | ||
| Cash and cash equivalents at beginning of period | $ 50,000 | ||
| Cash and cash equivalents at end of period | $ 103,900 | ||
2.
| Cash flow on total assets ratio = Cash flow from operating activities / Average total assets |
| Cash flow on total assets ratio = $165,210 / (($352,700 + $318,100)/2) |
| Cash flow on total assets ratio = 49.25760% |
3.
| IKIBAN INC | |||
| Statement of Cash flows | |||
| For the Year Ended June 30, 2017 | |||
| Cash flows from operating activities | |||
| Cash received from customers | $ 691,000 | 708000+57000-74000 | |
| Cash paid to suppliers | $ (399,300) | 417000+39000-31000+69800-95500 | |
| Cash paid for other expenses | $ (81,000) | 73000+16200-6600+5000-6600 | |
| Cash paid for income tax | $ (45,490) | 44490+5000-4000 | |
| Net cash provided by operating activities | $ 165,210 | ||
| Cash flows from investing activities | |||
| Cash paid for purchase of equipment | $ (63,600) | ||
| Cash received from sale of equipment | $ 10,600 | 54600-(12000-30000+64600)+2600 | |
| Net cash used by investing activities | $ (53,000) | ||
| Cash flows from financing activities | |||
| Cash paid for dividends | $ (94,310) | 43100-25900-111510 | |
| Cash paid for retire note | $ (30,000) | ||
| Cash received from issuance of common stock | $ 66,000 | ||
| Net cash used by financing activities | $ (58,310) | ||
| Net Increase in cash and cash equivalents | $ 53,900 | ||
| Cash and cash equivalents at beginning of period | $ 50,000 | ||
| Cash and cash equivalents at end of period | $ 103,900 | ||
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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. New equipment is acquired for $58,600 cash. d. Received cash for the sale of equipment that had cost $49.600. yielding a $2,100 gain. e Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales...
Required information (The following information applies to the questions displayed below. The following financial statements and...
Required information (The following information applies to the questions displayed below. The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $103,900 Accounts receivable, net 74, eee Inventory 69,800 Prepaid expenses 5, eee Total current assets 252,700 Equipment 130,000 Accum. depreciation-Equipment (30, eee) Total assets $352,7ee Liabilities and Equity Accounts payable $ 31,000 Wages payable 6,600 Income taxes payable 4,000 Total current liabilities 41,600 Notes payable (long...
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
$...
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...
Can anyone please help fill in the remaining blanks. Thank you so much. Required information Exercise...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [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, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500 84,800 6,500 282,700 Cash $65,000 Accounts receivable, net Inventory Prepaid expenses 72,000 118,000 9,600 264,600 136,000 Total current assets Equipment Accum. depreciation-Equipment 145,000 (37,500) (19,500) $390,200 $381,100 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 46,000 8,100 61,500 19,200 8,000 88,700 81,000 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 110,600 Total liabilities 169,700 Equity Common stock,...
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...
Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following information...
Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 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 Accounts receivable, net $ 87,500 65.000 63.800 4,400 220,700 124,000 27.0992 $317.700 44,000 51,000 86.500 5.400 186,900 115,000 12,000) $292,900 Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Wages payable...
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 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...
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. New equipment is acquired for $58,600 cash. d. Received cash for the sale of equipment that had cost $49.600. yielding a $2,100 gain. e Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. All purchases and sales...
Required information (The following information applies to the questions displayed below. The following financial statements and additional information are reported. 2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $103,900 Accounts receivable, net 74, eee Inventory 69,800 Prepaid expenses 5, eee Total current assets 252,700 Equipment 130,000 Accum. depreciation-Equipment (30, eee) Total assets $352,7ee Liabilities and Equity Accounts payable $ 31,000 Wages payable 6,600 Income taxes payable 4,000 Total current liabilities 41,600 Notes payable (long...
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
$...
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...
Can anyone please help fill in the remaining blanks. Thank you
so much.
Required information Exercise 12-11 Indirect: Preparing statement of cash flows LO P2, P3, A1 [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, 2019 and 2018 2019 2018 $ 50,000 57,000 95,500 6,600 209,100 121,000 (12,000) $318,100 Assets Cash $103,900 Accounts receivable, net 74,000 Inventory 69,800 Prepaid expenses 5,000 Total current...
IKIBAN INC Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets $ 94,900 96,500 84,800 6,500 282,700 Cash $65,000 Accounts receivable, net Inventory Prepaid expenses 72,000 118,000 9,600 264,600 136,000 Total current assets Equipment Accum. depreciation-Equipment 145,000 (37,500) (19,500) $390,200 $381,100 Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 46,000 8,100 61,500 19,200 8,000 88,700 81,000 5,500 Total current liabilities 59,600 Notes payable (long term) 51,000 110,600 Total liabilities 169,700 Equity Common stock,...
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...
Exercise 16-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 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 Accounts receivable, net $ 87,500 65.000 63.800 4,400 220,700 124,000 27.0992 $317.700 44,000 51,000 86.500 5.400 186,900 115,000 12,000) $292,900 Prepaid expenses Total current assets Equipment Accum. depreciation Equipment Total assets Liabilities and Equity Accounts payable Wages payable...
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