Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 9.00

IKIBAN INC.

IKIBAN INC.
Comparative Balance Sheets
June 30, 2013 and 2012
  2013     2012    
  Assets                
  Cash $ 100,700     $ 59,400    
  Accounts receivable, net   69,200       51,100    
  Inventory   66,000       95,900    
  Prepaid expenses   5,800       4,600    
  Equipment   127,900       116,000    
  Accum. depreciationAc€??Equipment   (28,400 )     (10,400 )  
                  
  Total assets $ 341,200     $ 316,600    
                  
  Liabilities and Equity                
  Accounts payable $ 26,900     $ 32,500    
  Wages payable   7,600       16,500    
  Income taxes payable   2,600       3,900    
  Notes payable (long term)   45,000       74,000    
  Common stock, $5 par value   234,000       182,000    
  Retained earnings   25,100       7,700    
                  
  Total liabilities and equity $ 341,200     $ 316,600    
                  
 

        

IKIBAN INC.
Income Statement
For Year Ended June 30, 2013
  Sales       $ 672,000  
  Cost of goods sold         403,000  
              
  Gross profit         269,000  
  Operating expenses            
       Depreciation expense $ 57,800        
       Other expenses   66,500        
              
  Total operating expenses         124,300  
              
                144,700    
  Other gains (losses)            
       Gain on sale of equipment         2,500  
              
  Income before taxes         147,200  
  Income taxes expense         58,880  
              
  Net income       $ 88,320  
              
 

        

Additional Information
a. A $29,000 note payable is retired at its $29,000 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 $61,100 cash.
d. Received cash for the sale of equipment that had cost $49,200, yielding a $2,500 gain.
e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f. All purchases and sales of merchandise inventory are on credit.

    

Using the direct method, prepare the statement of cash flows for the year ended June 30, 2013

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 07:08 PM My Price 9.00

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