Question Details

(Solution Download) IKIBAN INC. Comparative Balance Sheets June 30, 2013 and 2012 2013 2012 Assets Cash $ 100,700 $ 59,4


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IKIBAN INC.

 

Comparative Balance Sheets

 

June 30, 2013 and 2012

 

2013

 

2012

 

  Assets

  Cash$100,700$59,400
  Accounts receivable,

 

net

69,20051,100
  Inventory66,00095,900
  Prepaid

 

expenses

5,8004,600
  Equipment127,900116,000
  Accum.

 

depreciationAc???Equipment

(28,400)(10,400)
  
  Total assets$341,200$316,600
  
  Liabilities

 

and Equity

  Accounts

 

payable

$26,900$32,500
  Wages payable7,60016,500
  Income taxes

 

payable

2,6003,900
  Notes payable (long

 

term)

45,00074,000
  Common stock, $5 par

 

value

234,000182,000
  Retained

 

earnings

25,1007,700
  
  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 profit269,000
  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

 

 


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