IKIBAN INC. Comparative Balance Sheets June 30, 2013 and 2012

IKIBAN INC.Comparative Balance SheetsJune 30, 2013 and 201220132012 Assets Cash$100,700$59,400 Accounts receivable, net69,20051,100 Inventory66,00095,900 Prepaid expenses5,8004,600 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 payable2,6003,900 Notes payable (long term)45,00074,000 Common stock, $5 par value234,000182,000 Retained earnings25,1007,700 Total liabilities and equity$341,200$316,600 IKIBAN INC.Income StatementFor Year Ended June 30, 2013 Sales$672,000 Cost of goods sold403,000 Gross profit269,000 Operating expenses Depreciation expense$57,800 Other expenses66,500 Total operating expenses124,300 144,700 Other gains (losses) Gain on sale of equipment2,500 Income before taxes147,200 Income taxes expense58,880 Net income$88,320 Additional Informationa.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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