HeeR my work mode : This shows what is correct or incorrect for the work you hav

Question

HeeR my work mode : This shows what is correct or incorrect for the work you have completed so 5 Exercise 12-11 Indirect: Preparing statement of cash flows LO P1, P2, P3, A1 The following information applies to the questions displayed below The following financial statements and additional information are reported 28 points IKIBAN INC. Comparative Balance Sheets June 30, 2817 and 2016 0100-15 2017 2016 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long term) Total 1iabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity s 83,30 51, 75,500 58,000 70,880 97,0ee 6,800 234,700 212,800 131,000 122,000 5,10e (30,500)(12,500) S 335,200 322,380 s 32,000 40,588 6,700 16,480 5, 200 62,100 67,000 4,100 42,800 37,000 79,800 129,10 234,000 167,000 23.40020,.290 335,200 $322,300 IKIBAN INC. Income Statement

Explanation / Answer

Cash Flow Statement Cash From Oerating Activities Net Income 113510 Add: Depreciation Expenses 65600 Less: Gain on sale of Equipment -2700 Change In Current operating assets & Liabilities Decrease in income tax payable -1100 Decrease in accounts Payable -8500 Decrease in Wages payable -9700 Increase in accounts receivables -17500 Decrease in Inventory 26200 Decrease in Prepaid expenses 1700 Net Cash from Operaing Activities 167510 167510 Cash flow from Investing Activities Sale of Eqipments 10700 Purchase of Equipments -64600 Net Cash Flow -53900 -53900 Cash Flow from Financing Activities Issued Common stock 67000 Notes Payable Retired -30000 Dividend Paid -118310 Net Cash Flow -81310 -81310 Net Increase(decrese) in Cash 32300 Cash balance at prior year end 51000 Cash balance at current year end 83300

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