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Presentation/PPT
27/08/2022
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The following financial statements and additional information are reported.
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016 2017 2016 Assets Cash$96,100 $63,000 Accounts receivable, net 93,500 70,000 Inventory 82,800 115,000 Prepaid expenses 6,300 9,200 Total current assets 278,700 257,200 Equipment 143,000 134,000 Accum. depreciation—Equipment (36,500) (18,500) Total assets$385,200 $372,700 Liabilities and Equity Accounts payable$44,000 $58,500 Wages payable 7,900 18,800 Income taxes payable 5,300 7,600 Total current liabilities 57,200 84,900 Notes payable (long term) 49,000 79,000 Total liabilities 106,200 163,900 Equity Common stock, $5 par value 258,000 179,000 Retained earnings 21,000 29,800 Total liabilities and equity$385,200 $372,700
IKIBAN INC.
Income Statement
For Year Ended June 30, 2017Sales $773,000 Cost of goods sold 430,000 Gross profit 343,000 Operating expenses Depreciation expense$77,600 Other expenses 86,000 Total operating expenses 163,600 179,400 Other gains (losses) Gain on sale of equipment 3,900 Income before taxes 183,300 Income taxes expense 45,790 Net income $137,510
Additional Information
rev: 06_20_2017_QC_CS-91585, 12_05_2017_QC_CS-111198
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