Please help me with this question. If possible, can I get an excel sheet breakdo

Question

Please help me with this question. If possible, can I get an excel sheet breakdown to fully understand the how to balance this sheet attached. I appreciate you for helping me out with this question. :) Please be clear upon each step as though I have a hard time with accounting.

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The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2015 and 2014 2015 2014 Assets Cash Accounts receivable, net Inventory Prepaid expenses $ 87,500 44,000 51,000 86,500 5,400 65,000 63,800 4,400 Total current assets Equipmemt Accum. depreciation-Equipment 220,700 124,000 (27,000) 186,900 115,000 (9,000) Total assets $ 317,700 $292,900 Liabilities and Equity Accounts payable Wages payable Income taxes payable $ 25,000 30,000 15,000 3,800 6,000 3,400 Total current liabilities 48,800 60,000 34,400 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings 30,000 64,400 220,000 108,800 160,000 24,100 33,300 Total liabilities and equity $ 317,700 $292,900

Explanation / Answer

Answer:

Explanation:

All increase or decrease is calculated by subtracting beginning balance from ending balance.

Calculation of Cash received from sale of equipment:

Depreciation expense............................................................................................................58000

Less:Increase in accumulated dep........................................................................................18000

Accu. Dep. written off on sold equipment..............................................................................40000

Original cost of the sold equipment.......................................................................................48600

Book value of the sold equipment (Original cost - accu. dep. written off)..............................8600

Add: Gain on sale of the equipment.......................................................................................2000

Cash received from sale of equipment...................................................................................10600

Calculation of dividend paid:

Net income.............................................................................................................................99510

Less: increase in retained earnings........................................................................................9200

Dividend paid..........................................................................................................................90310

IKIBAN INC. Statement of cash flows (Indirect method) For the year ended June 30, 2015 Cash Flow from operating activities: Net income 99510 Adjustment to reconcile net income to net cash provided by operating activities: Add:Depreciation expense 58000 Less: Gain on sale of equipment 2000 Changes in current assets and laibilities: Less: Increase in accounts receivables 14000 Add: Decrease in inventory 22700 Add: Decrease in prepaid expenses 1000 Less: Decrease in accounts payable 5000 Less: decrease in wages payable 9000 Less: decrease in income taxes payable 400 Net cash provided by operating activities (a) 150810 Cash flows from investing activities: Cash received from sale of equipment 10600 Less: purchase of new equipment 57600 Net cash used in investing activities (b) -47000 Cash flows from financing activities: Cash received from stock issuance 60000 Less: Cash paid to retire notes 30000 Less: Cash paid for dividends 90310 Net cash used in financing activities (c) -60310 Net increase (decrease) in cash (a)+(b)+(c) 43500 Add:Cash balance at prior year- end 44000 Cash balance at current- year end 87500

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