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June 30 Bets sh IKIBAN INCORPORATED Comparative Balance Sheets counts receivable, net ventory epaid expenses tal current assets quipment cumulated depreciation-Equipment otal assets abilities and Equity ccounts payable ages payable ncome taxes payable otal current liabilities otes payable (long term) otal liabilities. quity Common stock, $5 par value zetained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit 2021 $ 82,700 77,000 71,800 5,200 Other gains (losses), Gain on sale of equipment Income before taxes Income taxes expense 236,700 132,000 (31,000) $ 337,700 $ 33,000 6,800 4,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense 236,000 26,100 $ 337,700 44,000 31,600 75,600 2020 $ 52,000 59,000 98,500 7,000 216,500 123,000 (13,000) $326,500 $ 42,000 16,600 5,400 64,000 68,000 132,000 168,000 26,500 $ 326,500 $ 718,000 419,000 299,000 75,000 66,600 157,400 2,800 160,200 44,690 $ 115,510

June 30 Bets sh IKIBAN INCORPORATED Comparative Balance Sheets counts receivable, net ventory epaid expenses tal current assets quipment cumulated depreciation-Equipment otal assets abilities and Equity ccounts payable ages payable ncome taxes payable otal current liabilities otes payable (long term) otal liabilities. quity Common stock, $5 par value zetained earnings Total liabilities and equity For Sales Cost of goods sold Gross profit 2021 $ 82,700 77,000 71,800 5,200 Other gains (losses), Gain on sale of equipment Income before taxes Income taxes expense 236,700 132,000 (31,000) $ 337,700 $ 33,000 6,800 4,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 Operating expenses (excluding depreciation) Depreciation expense 236,000 26,100 $ 337,700 44,000 31,600 75,600 2020 $ 52,000 59,000 98,500 7,000 216,500 123,000 (13,000) $326,500 $ 42,000 16,600 5,400 64,000 68,000 132,000 168,000 26,500 $ 326,500 $ 718,000 419,000 299,000 75,000 66,600 157,400 2,800 160,200 44,690 $ 115,510

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory. Prepaid expenses Total current assets Equipment Accumulated 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 equity For Sales Cost of goods sold Gross profit Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $82,700 77,000 71,800 5,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 236,700 132,000 (31,000) Operating expenses (excluding depreciation) Depreciation expense Cash flows from operating activities $337,700 Cash flows from investing activities $ 33,000 6,800 4,200 44,000 31,600 75,600 Cash flows from financing activities 236,000 26,100 $ 337,700 Net increaso (decrease) in cash Cash balance at prior year-end Cash balance at current year-end IKIBAN, INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 2020 $ 52,000 59,000 98,500 7,000 Additional Information a. A $36,400 note payable is retired at its $36,400 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 $65,600 cash. d. Received cash for the sale of equipment that had cost $56,600, yielding a $2,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. $ 216,500 123,000 (13,000) Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. $ $ 326,500 $ $ 42,000 16,600 5,400 $ 718,000 419,000 299,000 75,000 66,600 157,400 64,000 68,000 132,000 2,800 160,200 44,690 $ 115,510 168,000 26,500 $ 326,500 0 0 0 0 0
Transcribed Image Text:At June 30 Assets Cash IKIBAN INCORPORATED Comparative Balance Sheets Accounts receivable, net Inventory. Prepaid expenses Total current assets Equipment Accumulated 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 equity For Sales Cost of goods sold Gross profit Other gains (losses) Gain on sale of equipment Income before taxes Income taxes expense Net income 2021 $82,700 77,000 71,800 5,200 IKIBAN INCORPORATED Income Statement Year Ended June 30, 2021 236,700 132,000 (31,000) Operating expenses (excluding depreciation) Depreciation expense Cash flows from operating activities $337,700 Cash flows from investing activities $ 33,000 6,800 4,200 44,000 31,600 75,600 Cash flows from financing activities 236,000 26,100 $ 337,700 Net increaso (decrease) in cash Cash balance at prior year-end Cash balance at current year-end IKIBAN, INCORPORATED Statement of Cash Flows (Direct Method) For Year Ended June 30, 2021 2020 $ 52,000 59,000 98,500 7,000 Additional Information a. A $36,400 note payable is retired at its $36,400 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 $65,600 cash. d. Received cash for the sale of equipment that had cost $56,600, yielding a $2,800 gain. e. Prepaid Expenses and Wages Payable relate to Operating Expenses on the income statement. f. All purchases and sales of inventory are on credit. $ 216,500 123,000 (13,000) Using the direct method, prepare the statement of cash flows for the year ended June 30, 2021. Note: Amounts to be deducted should be indicated with a minus sign. $ $ 326,500 $ $ 42,000 16,600 5,400 $ 718,000 419,000 299,000 75,000 66,600 157,400 64,000 68,000 132,000 2,800 160,200 44,690 $ 115,510 168,000 26,500 $ 326,500 0 0 0 0 0
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