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Business, 01.09.2020 23:01 ammullims822

The following financial statements and additional Information are reported. IKIBAN INC
Comparative Balance Sheets
June 30, 2015 and 2014
2015 2014
Assets
Cash 87,500 44,000
Accounts receivable, net 65,000 51,000
Inventory 63,800 86,500
Prepaid expenses 4,400 5,400
Total current assets 220,700 186,900
Equipment 124,000 115,000
Accum. depreciation-
Equipment (27000) (9,000)
Total assets $317,700 $292,900
Liabilities and Equity
Accounts payable 25,000 30,000
Wages payable 6,000 15,000
Income taxes payable 3,400 3,800
Total current llabilities 34,400 48,800
Notes payable (long term) 30,000 60,000
Total liabilities 64,400 108,800
Equity
Common stock, $5 par
value 220,000 160,000
Retained earnings 33,300 24,100
Total liablities and equity $ 317,700 $292,900
IKIBAN INC
Income Statement
For the year ended June 30, 2015
Sales $678,000
Cost of goods sold 411,000
Gross profit 267,000
Operating expenses :
Depreciation expense $58,600
Other expenses 67,000
Total Operating expenses 125,600
141,400
Other gains(losses)
Gain on sale of equipment 2,000
Income before taxes 143,400
Income taxes expense 43,890
Net Income $99,510
Additional Information:
a. A $30,000 note payable is retired at its $30,000 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 $57,600 cash.
d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain.
e. Prepaid expenses and Wages payable relate to Other expenses on the Income Statement.
f. All purchases and sales of inventory are on credit.
1. Preparation of statement of cash flow.
2. Compute the company's cash flow on total assets ratio for its fiscal year 2015.

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The following financial statements and additional Information are reported. IKIBAN INC
Compar...

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