Question

need help its says im missing stuff but i dont know what it is

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 term) 34,000 Total liabilities 73,200 Equity Common stock, $5 par value 228,000 Retained earnings 46,500 Total liabilities and equity $347,700 $ 48,000 55,000 92,500 6, 200 201,700 119,000 (11,000) $309,700 $ 36,000 15,800 4,600 56,400 64,000 120,400 164,000 25, 300 $309,700 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense $62,600 Other expenses 71,000 Total operating expenses $698,000 415,000 283,000 133,600 149.400

Answer 1

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Solution: You have posted highlighted item in wrong head. Put that in the below section, refer below: Accumulated Depreciation of equipment sold (11000+62600-29000) 44600 Cash flow Statement - Indirect Method Particulars Amount ($) Cash flows from operating activities Net income 107510 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash: Depreciation expense 62600 Gain on sale of equipment -2400 - 16000 24700 1400 -7000 -9400 -800 160610 Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventory Decrease in prepaid expenses Decrease in accounts payable Decrease in wages payable Decrease in income taxes payable Net cash provided by operating activities (A) Cash Flow from Investing Activities: Cash paid for equipment Cash received from sale of equipment (52600-44600+2400) Net cash used in investing activities (B) Cash Flow from Financing Activities: Cash received from stock issuance Cash paid for cash dividends (46500)-(25300+107510) Cash paid to retire notes Net Cash used in Financing Activities -C) Net Increase (Decrease) in Cash (A+B+C) Cash balance at prior year-end Cash balance at current year-end -61600 10400 -51200 64000 -86310 -30000 -52310 57100 48000 105100